Samsung Biologics: "Polypeptide Group Tender Offer Meets Minimum Acceptance Condition"
87.88% tender acceptance rate surpasses minimum threshold
Deal set to close by the end of next month
Samsung Biologics recorded a tender acceptance rate of 87.88% in its tender offer for global peptide contract development and manufacturing organization (CDMO) Polypeptide Group, surpassing the 66.7% minimum required for the acquisition to proceed.
Samsung Biologics announced on October 13 preliminary interim results for its tender offer for shares in Polypeptide Group, which ran from September 15 through October 12.
The tender offer was conducted through Samsung Peptide, a subsidiary special-purpose company (SPC) established to acquire Polypeptide Group. The offer covered all 33,016,411 issued shares, excluding treasury shares, at a price of 44.31 Swiss francs per share.
According to the interim results, a total of 29,014,418 shares were tendered, including all 18,375,000 shares held by Polypeptide Group's existing largest shareholder, Draupnir Holding. This represents 87.88% of the shares covered by the offer, exceeding the minimum acceptance condition of 66.7%. The tendered shares account for 87.59% of all issued shares.
Final interim results, subject to verification by an independent auditor, will be announced on October 16. After an additional tender period from October 19 to 30, Samsung Biologics plans to pay for the shares and complete the transaction within 10 trading days of receiving regulatory approvals from the relevant authorities in Europe, India, Australia and Brazil.
Samsung Biologics signed an acquisition agreement with Polypeptide Group in July and plans to complete the acquisition by the end of November. The purchase price is 1.46 billion Swiss francs (approximately 2.7 trillion won), the largest merger and acquisition (M&A) deal in South Korea's pharmaceutical and biotech industry.
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Through the acquisition, Samsung Biologics aims to expand its service business from existing antibody drugs, messenger ribonucleic acid (mRNA) and antibody-drug conjugates (ADCs) into the fast-growing peptide sector, thereby diversifying its portfolio and securing a mid- to long-term growth driver.
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