Samsung Biologics recorded a final subscription rate of 97.98% in its tender offer for the global peptide contract development and manufacturing organization (CDMO) "PolyPeptide Group," meeting not only the minimum acceptance condition for the transaction but also the requirements for the compulsory acquisition (squeeze-out) of remaining minority shareholder stakes.
Samsung Biologics announced the "Provisional End Result" of this tender offer for PolyPeptide Group shares on Monday. The results reflect the additional subscription period conducted from the 19th to the 30th, following the main tender offer that closed on the 12th of last month.
The tender offer was carried out through "Samsung Peptide," a subsidiary special purpose vehicle (SPV) established for the acquisition of PolyPeptide Group. It targeted all issued shares except treasury shares (33,016,411 shares) at 44.31 Swiss francs per share.
A total of 32,350,302 shares were subscribed in the final result of the tender offer. This amount corresponds to 97.98% of the target shares and 97.66% on a total share basis.
The result exceeds the minimum acceptance condition for the transaction of 66.7% and surpasses the 90th% threshold required for the compulsory acquisition of remaining minority shareholder stakes. The "Definitive End Result," verified by an independent auditor, will be announced on November 5.
Samsung Biologics plans to proceed with the compulsory acquisition of remaining minority shareholder stakes to ultimately secure 100% ownership. Samsung Biologics is currently pursuing regulatory approvals from authorities in Europe, India, Australia, and Brazil, and plans to complete the transaction by paying the consideration within 10 business days after approval. The transaction is expected to be completed by the end of 2026 or in the first quarter of 2027, depending on the regulatory approval schedule.
In July last year, Samsung Biologics signed an acquisition agreement with PolyPeptide Group for 146 million Swiss francs (approximately 2.7 trillion won at the exchange rate at the time), the largest mergers and acquisitions (M&A) case in the domestic pharmaceutical and bio industry.
Peptides are a core ingredient in diabetes and obesity treatments, and Samsung Biologics aims to expand its service business area from existing antibody drugs, messenger ribonucleic acid (mRNA), and antibody-drug conjugates (ADCs) to the rapidly growing peptide sector through this acquisition, thereby simultaneously realizing portfolio diversification and securing medium- to long-term growth drivers.
With a total of six peptide production and development hubs secured across five countries, including Europe, the United States, and India, centered on PolyPeptide's headquarters in Basel, Switzerland, the move is expected to have a positive impact on expanding global business operations.
Samsung Biologics plans to maximize business synergy by combining its accumulated know-how in designing and operating large-scale production facilities with PolyPeptide Group's peptide development and production technologies, while also considering expanding production capacity in response to future growth in the peptide market to meet customer demand in a timely manner.
in THEBIO
