Samsung’s PolyPeptide Offer Clears Minimum Acceptance Threshold With 87.59% of Shares
Key Facts
Samsung Biologics said its takeover offer for PolyPeptide was successful after 29,014,418 shares were tendered during the main offer period, representing 87.59% of the issued share capital and voting rights, according to a company statement. The figure exceeded the minimum acceptance condition of 66⅔% of the fully diluted share capital, excluding treasury shares. Samsung Peptide, a direct subsidiary of Samsung Biologics, had offered CHF 44.31 in cash per share, valuing the equity at about CHF 1.46 billion. Reaching the minimum threshold satisfies one of the offer conditions, while completion remains subject to the remaining conditions and regulatory approvals. The developments come as the South Korean group seeks to add a Swiss specialist in the manufacture of peptide-based active pharmaceutical ingredients.
The main offer period closed on 12 October, after the shares tendered represented 87.59% of the issued share capital and voting rights. The figure exceeded the minimum threshold of 66⅔%, calculated on the basis of fully diluted share capital and excluding treasury shares. The company gave remaining shareholders an additional acceptance period of ten trading days on the same terms. That period began on 19 October and ended on 30 October at 4 p.m. Swiss time. This gave shareholders an additional opportunity to tender their shares after the minimum acceptance condition had been met during the main period.
Samsung Biologics said settlement, which had been scheduled for 13 November, would be delayed because of regulatory approval procedures. The company now expects to complete the deal in late 2026 or during the first quarter of 2027, subject to all conditions being met. The delay pushes the closing date beyond the previously indicated settlement timing, and the company did not set a new final date in its statement. After settlement, Samsung Peptide intends to seek to squeeze out the remaining minority shareholders and delist PolyPeptide shares from the SIX Swiss Exchange. These subsequent steps remain tied to completion of the offer and fulfillment of its conditions.
PolyPeptide develops and manufactures peptide-based active pharmaceutical ingredients on a contract basis, serving companies in the pharmaceutical and biotechnology sectors. In the first half of 2026, it recorded revenue of €236.6 million, up 41.6% from the same period in 2025. Revenue from metabolic therapies was €161.7 million, driven by growth in the business. The figures highlight metabolic therapies as one of the company’s largest revenue sources for the period, as the takeover offer progresses. PolyPeptide’s peptide-based therapeutics manufacturing business offers the South Korean group a new area of services.
PolyPeptide’s EBITDA margin rose to 20.7% in the first half of 2026, compared with 2.7% in the first half of 2025. The company said the period’s margin included a one-off impact of about 3.9 percentage points from the sale of intangible assets. This puts part of the reported improvement in context, alongside the revenue growth recorded in the first half. Samsung Biologics said the acquisition would expand its services into peptide-based therapies and complement its capabilities in antibodies and antibody-drug conjugates. PolyPeptide operates a network of six facilities certified for good manufacturing practices in Europe, the United States and India.
In its third-quarter results announcement, Samsung Biologics said the planned deal would expand its service portfolio into peptide-based therapies and support the global diversification of its contract manufacturing services. The company listed the acquisition among strategic investments it said would be financed through a 3 trillion won rights offering. The announced financing also covers future expansion of manufacturing capacity. The move links the deal to the group’s broader investment plan, alongside an expansion in the range of services offered to the pharmaceutical sector. Completion of the acquisition remains subject to conditions and approvals, with the announced timeframe extending to late 2026 or the first quarter of 2027.