Samsung Biologics Launches $1.8 Billion Takeover Bid for Swiss Drugmaker PolyPeptide

South Korea’s Samsung Biologics has announced an all-cash offer worth 1.46 billion Swiss francs ($1.81 billion) to acquire Swiss contract drug manufacturer PolyPeptide.

The offer values PolyPeptide shares at 44.31 Swiss francs each, representing a premium of about 6.1% over the company’s closing share price on Friday.

Samsung expects the takeover process to begin by the end of August and be completed before the end of the year.

Samsung said the acquisition would significantly expand its capabilities in peptide-based therapeutics, a fast-growing segment of the pharmaceutical industry.

Peptide medicines are increasingly used in treatments for obesity, diabetes and other chronic diseases, with demand rising worldwide.

PolyPeptide’s board has unanimously recommended that shareholders accept the offer, saying it believes the deal is in the best interests of the company and its investors.

The Swiss firm is a key manufacturer of peptide ingredients used by pharmaceutical companies around the world.

PolyPeptide’s largest shareholder, Draupnir Holding, which owns about 55.7% of the company, has agreed to support the deal and tender all of its shares.

After the acquisition is completed, Samsung plans to acquire any remaining minority shares and delist PolyPeptide from the Swiss stock exchange, making it a wholly owned subsidiary.

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