Samsung Biologics Sets September Timeline for PolyPeptide Takeover
Samsung Biologics will launch its CHF 1.46 billion takeover offer for PolyPeptide Group in September, with the Swiss firm's board recommending acceptance.
Samsung Biologics has confirmed it will formally launch its takeover bid for Swiss contract drugmaker PolyPeptide Group next month. The announcement came through an offer prospectus released on Monday, setting the stage for a deal first revealed in July.
The South Korean pharmaceutical major is offering 44.31 Swiss francs per registered share through its subsidiary, Samsung Peptide. The total valuation for the transaction stands at approximately 1.46 billion Swiss francs, which translates to about $1.80 billion at current exchange rates.
The offer period is scheduled to run from September 15 to October 12. A key objective of the acquisition is to delist PolyPeptide from the Swiss stock exchange, integrating the company more closely into Samsung Biologics' global operations.
In a significant vote of confidence, PolyPeptide's board of directors has unanimously recommended that shareholders accept the offer. The deal underscores Samsung Biologics' strategic push to expand its contract development and manufacturing capabilities in the peptide segment, a growing area of the pharmaceutical industry.