M&A Deal Snapshot

Samsung Biologics / PolyPeptide: A Korean bid for a Swiss peptide maker

Samsung Biologics offered CHF 44.31 per share in cash for PolyPeptide, the peptide manufacturer based in Baar, and about 98% of the shares were tendered. We read the premium, the anchor shareholder and the bet on peptide demand.

Offer announced 20 July 20263 min readM&A

Samsung BiologicsPolyPeptide
The one-page editionDownload the SnapshotPDF · A4 · Jul 2026
  • CHF 1.46bnEquity value of the offer
  • CHF 44.31Cash per share
  • 40%Premium to undisturbed price
  • c. 98%Shares tendered
David BaburiHead of Research, Valstron
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Key takeaways

  1. Samsung Biologics, through its Zug-based subsidiary Samsung Peptide, made a public tender offer for PolyPeptide Group at CHF 44.31 per share in cash, valuing the equity at about CHF 1.46 billion.
  2. The price is a 40% premium to CHF 31.65, PolyPeptide's last close before media speculation in April 2026. The board recommended the offer unanimously, and the largest shareholder, Draupnir Holding, committed its stake of about 55.65%.
  3. About 98% of the shares were tendered. The offer remained subject to regulatory approvals, to be followed by a squeeze-out and delisting.

The transaction

OfferorSamsung Biologics
TargetPolyPeptide Group

Result Squeeze-out and delisting planned

Key terms
Pre-announced20 July 2026
Prospectus31 August 2026
OfferorSamsung Peptide AG, Zug (Samsung Biologics)
TargetPolyPeptide Group AG, Baar, listed on SIX
PriceCHF 44.31 per share in cash
Equity valuec. CHF 1.46bn, c. USD 1.8bn
Premium40% to undisturbed CHF 31.65 (10 April 2026)
AnchorDraupnir Holding, c. 55.65%, irrevocable
Resultc. 98% tendered; definitive end result 5 November 2026
PolyPeptide 2025Revenue EUR 389.3m (+15.6%), EBITDA margin 12.0%, net loss c. EUR 21m

Timeline

  1. 10 Apr 2026Last undisturbed close, CHF 31.65
  2. 20 Jul 2026Offer pre-announced, board recommends
  3. 31 Aug 2026Offer prospectus published
  4. 12 Oct 2026Main offer period ends
  5. 5 Nov 2026Definitive end result, c. 98% tendered

The rationale

Samsung Biologics is a large contract manufacturer of biologic drugs. PolyPeptide adds peptides, a modality in high demand with metabolic therapies such as GLP-1 drugs, and a network across Europe, the US and India.

Samsung takes over PolyPeptide's existing manufacturing contracts, which secures order volumes from the first day.

For PolyPeptide's anchor shareholder, the offer provides a full cash exit at a clear premium.

The assessment

Premium

A 40% premium is generous for a company that was still loss-making in 2025, with a net loss of about EUR 21 million on revenue of EUR 389 million. Samsung is paying for capacity and growth, not for current profit.

Certainty

With Draupnir's stake committed upfront and a unanimous board, the two-thirds acceptance threshold was never really in doubt. The open item was regulatory clearance.

Strategy

Buying an established peptide platform is faster than building one. The risk is that peptide demand, and pricing, lean heavily on the GLP-1 cycle.

What to watch

Regulatory approvals and closing, the squeeze-out of the remaining shares, and utilisation of PolyPeptide's expanded capacity, including Malmö from 2027.

Per PolyPeptide share (CHF)
44.31Offer price31.65Undisturbed close

Source: Samsung Biologics offer documents, 2026

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