EL7.AI
Mergers & AcquisitionsMedium•27 October 2026•
4 min read

Samsung Biologics Offer Attracts 87.59% of Swiss PolyPeptide Shares

Key Facts

1A total of 29,014,418 shares were tendered, representing 87.59% of PolyPeptide's share capital and voting rights.
2Participation exceeded the minimum acceptance threshold of 66⅔%, and Samsung Pptaid declared the offer successful, subject to other conditions.
3The additional acceptance period runs from 19 to 30 October 2026.
4The offer terms set the price at 44.31 Swiss francs per share, implying an equity value of about 1.46 billion Swiss francs.
5Samsung expects the deal to close near the end of 2026 or in the first quarter of 2027, subject to the conditions being met.

On 16 October 2026, Samsung Biologics published the definitive interim result of its offer to acquire shares in PolyPeptide through its Swiss subsidiary, Samsung Pptaid. A total of 29,014,418 shares were tendered, representing 87.59% of the share capital and voting rights outstanding at the end of the main offer period on 12 October. This exceeded the minimum acceptance condition of 66⅔% of fully diluted share capital, excluding treasury shares. Samsung Pptaid therefore declared the offer successful, subject to the other offer conditions. The company said the published result was interim and that the final result would be issued after the additional acceptance period ends.

The additional acceptance period gives shareholders who did not tender their shares during the main period an opportunity to join the offer on the same terms. It runs for ten trading days, from 19 to 30 October 2026. The 87.59% therefore does not represent the final level of shareholder participation, as the stake may change after the additional window closes. The final result will be announced after that period ends, the company said. The Swiss Takeover Board classified the offer as a voluntary cash offer and said it was friendly when launched; the transaction register also listed the pre-announcement on 20 July, the offer prospectus on 31 August and the definitive interim result notice on 16 October 2026.

The offer agreement set the cash consideration at 44.31 Swiss francs per share, implying an equity value of about 1.46 billion Swiss francs. The price represents a premium of 40% to the unaffected share price on 10 April 2026. It is also 11.6% above the volume-weighted average price over the last 60 trading days before the pre-announcement on 20 July 2026. The independent and non-conflicted members of PolyPeptide's board unanimously recommended accepting the offer, backed by an independent fairness opinion from IFBC AG. Draupnir Holding, the largest individual shareholder, also undertook to tender its entire stake of about 55.65% of outstanding shares, excluding treasury shares.

The transaction adds peptide-based contract development and manufacturing to Samsung Biologics' business, according to the company's announcement. PolyPeptide manufactures peptide-based active pharmaceutical ingredients, with services spanning preclinical through commercial stages. It operates a network of six facilities compliant with good manufacturing practices in Europe, the United States and India. Its therapeutic activities include metabolic diseases, including GLP-1 treatments. Samsung said in August that the acquisition would expand its portfolio into peptide-based therapies alongside its antibody and antibody-drug conjugate businesses.

The deal comes as PolyPeptide reported growth in revenue and profitability during 2025. Revenue was 389.3 million euros, up 15.6% from the previous year, or 16.0% at constant exchange rates. EBITDA rose to 46.8 million euros from 25.4 million in 2024, while the margin increased to 12.0% from 7.5%. The company attributed the improvement to strong demand for peptides related to metabolic diseases, better operational execution and disciplined investment in its global network. In its announcement on financing the transaction, Samsung said it intended to allocate about 2.71 trillion won from the proceeds of a rights issue to the acquisition and about 290 billion won to expand its second bio campus.

PolyPeptide forecast revenue growth of 20% to 25% in 2026 compared with 2025 at constant exchange rates, with an EBITDA margin in the mid- to high-teens. Over the medium term, the company aims to double its 2023 revenue by 2028, with its EBITDA margin approaching 25% that year. For the acquisition, the offer document had indicated settlement on 13 November 2026, but Samsung expects it to be delayed. It said completion is likely near the end of 2026 or during the first quarter of 2027, subject to all conditions being met. After settlement, Samsung Pptaid intends to seek a compulsory acquisition of the remaining minority shares and delist PolyPeptide from the Swiss SIX exchange.