Samsung’s PolyPeptide offer clears a hurdle as closing moves later

Samsung Biologics’ offer for PolyPeptide has cleared its minimum acceptance condition, but the acquisition has not closed. Samsung reported 29,014,418 shares tendered, representing 87.59% of issued share capital. It now expects completion in late 2026 or the first quarter of 2027, subject to the remaining conditions.[1]

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A bid for peptide manufacturing capacity

PolyPeptide makes peptide active pharmaceutical ingredients for drug developers. Its contract development and manufacturing business supports projects from early research through commercial production, with six facilities across Europe, the United States and India.[3]

The transaction announced in July valued the equity of that business at approximately 1.46 billion Swiss francs (CHF). Samsung’s stated rationale was to add peptide capabilities, including glucagon-like peptide-1 (GLP-1), and broaden its geographic reach. PolyPeptide presented the combination as a way to fund and expand its industrial ambitions. Those are the companies’ plans for the combination, rather than results already delivered by it.[2]

For readers following the peptide supply chain, the immediate question is when this investment could translate into available production. The offer documents describe industrial ambitions; the operating report shows how far specific factory projects had progressed.[2][4]

What the tender result clears

The additional acceptance period runs from October 19 through October 30 at 4 p.m. Swiss time. Samsung declared the offer successful on October 16, subject to other conditions. Regulatory procedures are expected to defer the previously indicated November 13 settlement.[1]

The August terms set the minimum acceptance condition at two thirds of fully diluted share capital, excluding treasury shares. They also required regulatory approvals in certain jurisdictions. These were separate requirements: sufficient shareholder acceptance could satisfy one without completing the others.[3]

The cash offer is CHF 44.31 per registered share. PolyPeptide’s largest shareholder, Draupnir Holding, had already committed its approximately 55.65% stake, measured against outstanding shares excluding treasury shares. The independent, non-conflicted board members recommended acceptance.[3]

The percentages use different bases: 87.59% is measured against issued capital, while the threshold uses fully diluted capital excluding treasury shares. They should not be treated as interchangeable measures.[1][3]

The factories were expanding before the deal could close

PolyPeptide’s first-half business report describes an operating expansion already under way. Its new large-scale solid-phase peptide synthesis capacity in Braine-l’Alleud, Belgium, was running at target utilization. Construction to double that type of capacity in Malmö, Sweden, had finished and was undergoing commissioning. Added capacity in Strasbourg, France, was expected to ramp up during the second half.[4]

The same report put first-half revenue at EUR 236.6 million, up 41.6% from the first half of 2025. Metabolic therapeutics accounted for 68.4% of revenue. Capital expenditure was EUR 41.3 million, mainly for the Malmö and Strasbourg expansions.[4]

Samsung is pursuing a manufacturer already investing in expansion. Yet commissioning and operation are different stages: a completed building is not proof of available production. The August report does not establish that every expansion was operating by October.[4]

What would change the answer next

After October 30, watch for the final tender result and confirmation of settlement. Samsung plans to remove the remaining minority shareholdings and delist PolyPeptide after settlement.[1]

For manufacturing, watch for an operating update showing which added facilities are producing and how they are being used. That would answer the capacity question left open by the tender result.[4]