Samsung Biologics Crosses the Key Threshold on PolyPeptide: 87.59% of Shares Tendered, Closing Expected Late 2026 or Q1 2027

On October 16, Samsung Biologics, through its Swiss subsidiary Samsung Peptide AG, published the definitive interim result of its tender offer for PolyPeptide: 87.59% of issued shares were validly tendered during the main offer period, far above the 66⅔% minimum acceptance condition, and the offer was declared successful. The additional acceptance period runs October 19–30, with completion expected late 2026 or in Q1 2027. The roughly US$1.8B all-cash deal will mark the largest M&A transaction in Korean pharma and biotech history — and confirms peptide capacity as the new battleground of the global CDMO race.

On October 16, Samsung Biologics (207940.KS), through its direct Swiss subsidiary Samsung Peptide AG, published the definitive interim result of its public tender offer for PolyPeptide Group AG (SIX: PPGN): by the expiry of the main offer period at 4:00 pm Swiss time on October 12, 29,014,418 PolyPeptide shares had been validly tendered, representing 87.59% of issued share capital and voting rights (87.88% of the shares to which the offer relates); including concert-party holdings, participation reached 87.92%. The 66⅔% minimum acceptance condition was comfortably met, and Samsung Peptide declared the offer successful.

Timeline: additional acceptance period opens October 19, closing expected late 2026 to Q1 2027

The ten-trading-day additional acceptance period runs from October 19 to October 30, during which remaining shareholders may tender under the same terms. Settlement, originally indicated for November 13, is expected to be deferred: the transaction still requires regulatory approvals in several jurisdictions (merger and FDI clearances), removal of transfer restrictions and voting limitations from PolyPeptide's articles of association, and the election of Samsung-nominated directors at an extraordinary general meeting on October 26. Completion is currently expected toward the end of 2026 or in Q1 2027. After settlement, Samsung Peptide intends to pursue a squeeze-out of remaining minority shareholders and delist PolyPeptide from the SIX Swiss Exchange.

Three deals in one year: peptides become the key piece of the Korean giant's map

The roughly US$1.8B all-cash tender will stand as the largest M&A deal in Korean pharma and biotech history, and is the most strategically significant move in Samsung Biologics' 2026 capacity shopping spree: in March it completed the acquisition of GSK's Rockville, Maryland plant (adding 60,000 L for a total of 845,000 L, the world's largest); its dedicated ADC facility at Songdo (with a 500 L conjugation reactor and dedicated purification lines) has entered commercial production; and cumulative orders on a minimum take-or-pay basis have surpassed US$22B. On capacity, 845,000 L gives it a clear lead over Lonza (~741,000 L), WuXi Biologics (~305,000 L) and Fujifilm Diosynth (~260,000 L). PolyPeptide — the global peptide CDMO leader whose client network spans multinationals from preclinical to commercial stages — fills the key gap in the high-growth peptide API segment and brings a European manufacturing footprint.

Editorial view: after GLP-1, peptide capacity is the new battleground of the global CDMO race

The logic is easy to read: the GLP-1 boom has left peptide APIs in chronic shortage, and capacity is now a scarce resource. Building from scratch takes five-plus years from site selection to ramp-up, making M&A the only path to immediate entry. The peptide story is reverberating globally: WuXi AppTec's TIDES revenue grew 44.3% in H1, Asymchem plans 69,000 L of peptide capacity by end-2026, and Lonza keeps expanding its peptide capabilities. As the semiconductor-style vertical-integration playbook extends from biologics to peptides, the competitive dimension for leading CDMOs is shifting from 'having lines' to delivering combined biologics + peptides + bioconjugates as one integrated offering. For Chinese peptide CDMOs, Samsung's move is both competitive pressure and another external validation of the segment's momentum — the outsourcing pie is still growing fast, and the question is who can absorb the certainty of scaled delivery.