South Korea’s Samsung Biologics (207940.KS) formally published its tender offer prospectus on August 31, under which it will acquire all outstanding shares of PolyPeptide Group AG (PPGN.SW), a Swiss peptide drug development and manufacturing company, through its Swiss subsidiary Samsung Peptide AG, at CHF 44.31 per share in cash, implying a total equity value of approximately CHF 1.46 billion (about USD 4.6 billion).<\/p>\n
The offer price represents a 40% premium over the closing price of CHF 31.65 on April 10 \u2014 the last trading day before market speculation about the deal first surfaced \u2014 and an 11.6% premium over the volume-weighted average price of CHF 39.7 for the 60 trading days prior to the July 20 pre-announcement of the offer.<\/p>\n
PolyPeptide’s board of directors, by unanimous resolution of its independent and non-conflicted members, recommends that shareholders accept the offer. A fairness opinion supporting the reasonableness of the offer price was issued by IFBC AG, a valuation firm recognized by the Swiss Takeover Board.<\/p>\n
Largest Shareholder Commits to Full Tender<\/p>\n
Draupnir Holding B.V., PolyPeptide’s largest single shareholder holding approximately 55.65% of outstanding shares (excluding treasury shares), has committed to tender its entire holding of 18,375,000 shares. The main offer period runs from September 15 through October 12 at 4:00 p.m. Swiss time.<\/p>\n
The offer is subject to a minimum acceptance threshold of 66\u2154% of shares on a fully diluted basis (excluding treasury shares), as well as receipt of relevant regulatory approvals. Upon completion and settlement of the offer, Samsung Peptide plans to execute a squeeze-out of remaining minority shareholders and delist PolyPeptide from the SIX Swiss Exchange.<\/p>\n
Samsung Biologics signed the acquisition agreement with PolyPeptide in July of this year, targeting completion by the end of November. If successful, this would become the largest M&A transaction in the history of South Korea’s pharmaceutical and biotechnology industry.<\/p>\n
Entry into Peptide and GLP-1 Markets<\/p>\n
Founded in 1952, PolyPeptide specializes in the contract development and manufacturing of peptide active pharmaceutical ingredients (APIs), operating six GMP-certified production facilities across Europe, the United States, and India. Its product portfolio spans preclinical through commercial stages, with significant exposure in metabolic disease \u2014 including the highly sought-after GLP-1 class of drugs.<\/p>\n
Samsung Biologics’ current core business focuses on antibody drugs, mRNA, and antibody-drug conjugates (ADCs). Through this acquisition, the company will enter the peptide space for the first time. PolyPeptide’s existing CDMO contracts will also be assumed by Samsung, which is expected to secure a stable order book immediately upon completion.<\/p>\n
A Samsung Biologics representative stated: “We plan to combine Samsung Biologics’ capabilities in large-scale production facility design and operations with PolyPeptide’s peptide development and manufacturing technology to maximize business synergies.” The representative also revealed that the company is considering expanding peptide production capacity to align with future market growth.<\/p>\n
Continued Capacity Expansion<\/p>\n
Samsung Biologics currently operates a combined 785,000 liters of biopharmaceutical production capacity at Bio Campus I and II in Incheon, South Korea, plus 60,000 liters at its Rockville, Maryland facility in the United States, bringing total global capacity to 845,000 liters. The company has also secured land for Bio Campus III in preparation for future capacity expansion.<\/p>\n
The cooling-off period for the tender offer spans 10 SIX Swiss Exchange trading days beginning September 1, during which shareholders may not accept the offer. Under Swiss law, tendered shares generally cannot be withdrawn, except in specific circumstances such as the emergence of a competing offer.<\/p>\n
The offer is not open to shareholders residing in Australia, Canada, or Japan. Samsung Biologics has appointed Sodali as information agent for the offer.<\/p>\n","protected":false},"excerpt":{"rendered":"South Korea’s Samsung Biologics (207940.KS) formally published its tender offer prospectus on August 31, under which it will…\n","protected":false},"author":2,"featured_media":123040,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[4],"tags":[60195,26551,60196,51689,60193,51685,60194,6325,41,17],"class_list":["post-123039","post","type-post","status-publish","format-standard","has-post-thumbnail","category-switzerland","tag-draupnir-holding-b-v","tag-glp-1","tag-ifbc-ag","tag-peptide-cdmo","tag-polypeptide-group-ag","tag-samsung-biologics","tag-samsung-peptide-ag","tag-six-swiss-exchange","tag-swiss","tag-switzerland"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ch\/117188886927214583","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/123039","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/comments?post=123039"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/123039\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media\/123040"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media?parent=123039"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/categories?post=123039"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/tags?post=123039"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}