Samsung Biologics launches CHF1.46bn bid for PolyPeptide

On 19 July 2026 Samsung Biologics launched a public all-cash takeover offer for peptide contract manufacturer PolyPeptide Group (Swiss headquarters, SIX: PPGN): CHF 44.31 per share, around CHF 1.46bn in equity value and a 40% premium to the undisturbed price of CHF 31.65 (10 April 2026). The largest shareholder, holding roughly 55.65% of outstanding shares, has given an irrevocable tender undertaking and the independent board members unanimously recommend the offer. The minimum acceptance threshold is 66⅔% and completion is expected by the end of 2026. The European footprint at stake comprises PolyPeptide's plants in Sweden, Belgium and France plus its innovation centre in Strasbourg; the deal extends Samsung Biologics' CDMO portfolio beyond antibodies into peptide drugs. Figures per the company announcement. Update (31 August 2026): On 31 August 2026 Samsung Biologics published the offer prospectus through its Swiss subsidiary Samsung Peptide AG as formal offeror. The main acceptance period began on 15 September 2026 and is expected to end on 12 October 2026 at 4 p.m. Swiss time; the offer price (CHF 44.31 per share) and the minimum acceptance threshold (66⅔% on a fully diluted basis, excluding treasury shares) are unchanged (Samsung Biologics, 31 Aug 2026). Update (13 Oct 2026): According to the provisional interim result, about 87.59% of the capital had been tendered by the end of the main offer period on 12 October 2026; with parties acting in concert Samsung Peptide holds 87.92%. The definitive interim result is expected on 16 October 2026 (PolyPeptide, ad hoc announcement, 13 Oct 2026). Update (13.10.2026): If the offer is declared successful in the definitive interim result (expected 16.10.), the additional acceptance period runs from 19 to 30.10.2026, 4:00 p.m. Swiss time; regulatory approvals in certain jurisdictions, the removal of the transfer and voting restrictions and the election of Samsung's nominees to the board at an extraordinary general meeting on 26.10.2026 remain outstanding (PolyPeptide, ad hoc release, 13 Oct 2026). Update (19.10.2026): The definitive interim result of 16 Oct 2026 confirms 87.59% tendered (87.92% with concert parties); minimum acceptance reached, additional acceptance period 19–30 Oct 2026; the 13 Nov settlement is expected to be postponed, completion expected around end-2026 or Q1 2027, followed by squeeze-out and delisting (PolyPeptide, ad hoc announcement, 16 Oct 2026). Update (2 November 2026): after the additional acceptance period ended on 30 October 2026, Samsung Peptide and persons acting in concert hold 97.99% of PolyPeptide shares according to the provisional end result; 97.66% of the capital was tendered. The offer still depends on regulatory approvals in some jurisdictions, and the definitive end result is due on 5 November 2026 (PolyPeptide, ad hoc release, 2 November 2026).