Samsung Biologics has secured 87.88% of shares in its public tender offer for the global peptide contract development and manufacturing organization (CDMO) Polypeptide Group, exceeding the minimum acceptance threshold of 66.7%.
The company announced on Tuesday the preliminary interim results of its public tender offer for Polypeptide Group shares, which ran from September 15 to October 12.
The tender offer was executed through Samsung Peptide, a special purpose company (SPC) subsidiary established for the acquisition. It targeted all issued shares, excluding treasury stocks (33,016,411 shares), at 44.31 Swiss francs per share.
A public tender offer is a process where a company announces a fixed price to purchase shares over a specified period, buying from shareholders willing to sell.
Interim results show that 29,014,418 shares were tendered, including all 18,375,000 shares held by Draupnir Holding, the existing majority shareholder. This represents 87.88% of the target shares, surpassing the 66.7% minimum acceptance condition. It accounts for 87.59% of total issued shares.
Verified results from an independent auditor will be released on October 16.
Samsung Biologics plans to conclude the transaction after an additional bidding period from October 19 to 30, followed by regulatory approvals from authorities in Europe, India, Australia, and Brazil. Payment will be made within ten trading days of approval.
The company signed the acquisition agreement with Polypeptide Group in July, aiming to finalize the deal by November’s end. At 1.46 billion CHF (about 1.75 billion USD)), it’s the largest merger and acquisition (M&A) in South Korea’s pharmaceutical and biotech sector.
This acquisition allows Samsung Biologics to expand into the fast-growing peptide market, complementing its existing portfolio of antibody drugs, mRNA, and antibody-drug conjugates (ADCs). The move aims to diversify offerings and secure long-term growth drivers.
Peptides are gaining prominence in the global pharma and biotech market, particularly as key components in diabetes and obesity treatments. Industry analysts project the global obesity treatment market could reach 150 billion USD by 2035, driven by increasing demand and expanding treatment indications. This growth is expected to boost demand for peptide-based therapies.
Samsung Biologics plans to leverage its expertise in large-scale production facility design and operation, combining it with Polypeptide Group’s peptide development and production technologies. The company is also considering expanding production capacity to meet the anticipated growth in the peptide market and respond promptly to customer demands.