Key facts
- Samsung Biologics will launch a $1.81 billion all-cash bid for Swiss contract drugmaker PolyPeptide.
- The offer price of 44.31 Swiss francs per share represents a 6.1% premium.
- The acquisition aims to enhance Samsung Biologics' peptide therapeutics capabilities, including GLP-1 drugs.
- PolyPeptide's board and its largest shareholder, Draupnir Holding, have recommended and supported the deal.
- The tender offer is expected to launch by the end of August and conclude by year-end.
South Korea's Samsung Biologics is set to acquire Swiss contract drugmaker PolyPeptide through an all-cash offer valued at approximately $1.81 billion (1.46 billion Swiss francs). The proposed acquisition, priced at 44.31 Swiss francs per share, represents a 6.1% premium over PolyPeptide's last closing price.
Samsung Biologics stated that the takeover aims to enhance its capabilities in peptide-based therapeutics, particularly for the rapidly growing markets of obesity and diabetes treatments, such as GLP-1 drugs. PolyPeptide's board has unanimously recommended that shareholders accept the offer.
Following the completion of the tender offer, which is anticipated to launch by the end of August and conclude by year-end, Samsung Biologics intends to acquire any remaining minority shares and delist PolyPeptide from the SIX Swiss Exchange, making it a wholly-owned subsidiary.
PolyPeptide's largest shareholder, Draupnir Holding, which holds about 55.65% of the company, has expressed support for the deal and committed to tendering all of its shares. Draupnir's parent entity is the Cryosphere Foundation, which has connections to Swedish billionaire Frederik Paulsen.