Samsung Biologics to Acquire PolyPeptide Group in $1.8 Billion Deal, Entering the Booming Peptide CDMO Market
核心洞察
Samsung Biologics announced a $1.8 billion all-cash acquisition of Swiss CDMO PolyPeptide Group, the largest pharma M&A in South Korean history.
The deal expands Samsung's portfolio beyond antibodies, mRNA, and ADCs into peptides, including GLP-1 (搜索) therapies for obesity (搜索) and diabetes (搜索).
PolyPeptide Group brings six global sites, approximately 1,500 staff, and over 1,000 peptide development projects to Samsung's operations.
Samsung Biologics announced on Monday a definitive agreement to acquire PolyPeptide Group, a Swiss-based peptide contract development and manufacturing organization (CDMO), in an all-cash transaction valued at approximately 1.46 billion Swiss francs ($1.8 billion). The deal represents the largest merger and acquisition in the history of South Korea's pharmaceutical and biotech industry.
Under the terms of the public tender offer, PolyPeptide Group shareholders will receive 44.31 Swiss francs per share in cash. This price reflects a 40% premium over the closing price of 31.65 Swiss francs on April 10, 2026, prior to market rumors, and is approximately 11.6% higher than the volume-weighted average share price over the preceding 60 trading days. The transaction is expected to close by the end of December 2026.
Strategic Expansion into Peptide Therapeutics
The acquisition marks a significant strategic pivot for Samsung Biologics, which has historically focused on antibody drugs, messenger RNA (mRNA), and antibody-drug conjugates (ADCs). By adding peptide manufacturing capabilities, the company positions itself to capture a share of the rapidly expanding market for GLP-1 (搜索) class obesity (搜索) and diabetes (搜索) treatments.
Peptides are short chains of 2 to 50 amino acids that mimic hormonal and signaling functions in the body. Currently, more than 170 peptide drugs are in clinical development worldwide, with over 80 having been successfully commercialized. Applications are expanding beyond metabolic disease into oncology, immune disorders, and neurodegenerative conditions such as Alzheimer's disease.
John Rim, CEO of Samsung Biologics, characterized the acquisition as "a strategic decision encompassing all three of our growth axes: production capacity, business portfolio, and global footprint," adding that combining the capabilities of both companies will "further strengthen our competitiveness in the global CDMO market."
PolyPeptide Group's Established Capabilities
PolyPeptide Group was spun off from the peptide division of global pharmaceutical company Ferring in 1996 and is headquartered in Baar, Switzerland. The company has a track record of developing and producing more than 1,000 therapeutic peptides and is noted for its eco-friendly manufacturing technology that significantly reduces organic solvent usage during peptide production, offering advantages in both production efficiency and cost reduction.
Through the acquisition, Samsung Biologics immediately gains six production and research sites across five countries—Malmö, Sweden; Braine, Belgium; Strasbourg, France; Torrance and San Diego, USA; and Ambernath, India—along with approximately 1,500 specialized personnel. This global network spanning Europe, the United States, and India is expected to enhance geographic proximity to major pharmaceutical clients and provide flexibility in managing supply chain risks.
Peter Wilden, Chairman of the Board of PolyPeptide Group, stated that "combining Samsung Biologics' overwhelming production capacity and operational know-how will allow us to provide differentiated services to customers and secure a firm competitive advantage in the global peptide CDMO market." The PolyPeptide Group Board of Directors, through independent and conflict-free directors, unanimously recommended that shareholders accept the tender offer.
Market Dynamics and Growth Projections
Global investment banks forecast that the obesity (搜索) treatment market could reach $150 billion by 2035, driven by expanding indications. Consequently, the peptide CDMO market is projected to grow from $5.52 billion in 2026 at a compound annual growth rate of 20.3%, reaching $29.14 billion by 2035. With 62% to 64% of developers relying on outsourcing due to the complexity of peptide synthesis processes, demand for CDMO services is expected to increase even more steeply.
Transaction Details and Integration
Samsung Biologics plans to secure a 100% stake in PolyPeptide Group through acquisition of majority shareholder stakes and a public tender offer. The largest shareholder, Draupnir Holding B.V., has committed to tendering its entire 55.65% stake. For the tender offer to succeed, at least 66.7% of total issued shares must be tendered. The tender offer is scheduled to commence with the publication of the official offering prospectus at the end of August 2026 and will run for a minimum of 20 trading days following a 10-trading-day cooling-off period under Swiss takeover law. After closing, Samsung Biologics plans to execute a squeeze-out of remaining minority shares and delist PolyPeptide Group from the SIX Swiss Exchange.
J.P. Morgan is serving as financial advisor, with Ernst & Young Hanyoung as accounting and tax advisor. Legal advisory is being provided by O'Melveny & Myers LLP and Schellenberg Wittmer Ltd.
Samsung Biologics currently holds a total global production capacity of 845,000 liters across its Plants 1 through 5 in Songdo, Incheon (785,000 liters) and its Rockville, Maryland facility (60,000 liters). The company plans to expand to 1,385,000 liters by 2032 with the construction of Plants 6, 7, and 8 at its second bio campus. With the addition of dedicated peptide GMP production capacity from this acquisition, Samsung Biologics strengthens its position as a comprehensive multi-modal CDMO covering antibodies, mRNA, ADCs, and peptides.