EL7.AI
Mergers & AcquisitionsMedium•2 November 2026•
3 min read

97.66% of PolyPeptide Shares Tendered in Samsung’s Initial CHF 1.46 Billion Offer

Key Facts

132,350,302 shares were tendered, representing 97.66% of the share capital and voting rights according to the preliminary result.
2The net cash consideration is CHF 44.31 per share, with an implied equity value of about CHF 1.46 billion.
3Settlement scheduled for November 13 was postponed, and the deal is expected to be completed near the end of 2026 or in the first quarter of 2027.
4PolyPeptide’s revenue in the first half of 2026 rose 41.6% to EUR 236.6 million.

Samsung Biologics said on November 2 that 32,350,302 PolyPeptide shares had been tendered in its takeover offer, representing 97.66% of the issued share capital and voting rights, according to the preliminary result. Participation exceeded the minimum threshold of 66⅔% set in the offer terms on a fully diluted share basis, excluding treasury shares. The result does not mean the deal has closed: Samsung said settlement had been postponed and completion remains subject to the offer conditions being met. The additional acceptance period ended on October 30 at 4:00 p.m. Swiss time. The company expects to publish the definitive notice of the result on November 5.

The offer is being made by Samsung’s Swiss subsidiary, Samsung Peptide AG, at a net cash price of CHF 44.31 per share. The implied total equity value is about CHF 1.46 billion. The offer terms were published on August 31, before the main offer period began on September 15. That period ended on October 12, followed by an additional acceptance period for shareholders through October 30. The terms set a minimum acceptance threshold of 66⅔% of shares on a fully diluted basis, excluding treasury shares, alongside regulatory approvals and other conditions.

PolyPeptide’s board, through its independent and non-conflicted members, unanimously recommended acceptance of the offer. The recommendation was also based on an independent fairness opinion prepared by IFBC AG. Draupnir Holding B.V., the company’s largest individual shareholder, also committed to tender its entire stake of about 55.65% of outstanding shares, excluding treasury shares. This committed stake provides important context for understanding the level of participation recorded in the preliminary result. When the offer was announced, PolyPeptide’s chairman said it represented “a transformational opportunity to accelerate our strategic ambitions to a scale we could not achieve alone and to shape a stronger global partner for customers.”

PolyPeptide specializes in the development and manufacture of peptide-based active pharmaceutical ingredients. Its areas of exposure include metabolic therapies, including GLP-1-related treatments. The company recorded revenue of EUR 389.3 million in 2025, up 15.6% from the previous year. Earnings before interest, taxes, depreciation and amortization rose to EUR 46.8 million, compared with EUR 25.4 million in 2024, an annual increase of 84.4%. In the first half of 2026, revenue reached EUR 236.6 million, up 41.6% from the corresponding period, while earnings before interest, taxes, depreciation and amortization reached EUR 49.1 million, compared with EUR 4.4 million in the first half of 2025.

PolyPeptide raised its 2026 outlook in its first-half report and now expects revenue growth of between 25% and 30% compared with 2025 on a constant-currency basis. It also forecast an EBITDA margin in the high teens. Regarding the transaction, Samsung said settlement, which had been scheduled for November 13, was postponed. The company now expects completion near the end of 2026 or in the first quarter of 2027, subject to the offer conditions being met. After settlement, Samsung Peptide intends to seek the purchase of the remaining minority shares and delist PolyPeptide from the SIX Swiss Exchange.