Squeeze-out threshold of 90% cleared, paving way for full delisting

Largest M&A deal in Korea's pharma and biotech history at over 2 trillion won

Regulatory approvals underway; final payment expected by year-end or Q1 next year

Samsung Biologics' Factory 4. [Samsung Biologics]
Samsung Biologics' Factory 4. [Samsung Biologics]

Samsung Biologics has secured a 97.98% stake in PolyPeptide Group, a Swiss global peptide contract development and manufacturing organization, through a tender offer — a result that far exceeded the minimum threshold required to complete the deal.

Samsung Biologics announced the preliminary final results of the tender offer Monday. The figures combine results from the main offer period, which closed Oct. 12, and a subsequent acceptance period that ran from Oct. 19 to Oct. 30.

Through Samsung Peptide, a special purpose company established for the acquisition, Samsung Biologics offered 44.31 Swiss francs per share for all issued shares excluding treasury stock — a total of 33,016,411 shares. A total of 32,350,302 shares, or 97.98 percent, were tendered.

The result clears both the minimum acceptance condition of 66.7 percent and the 90 percent squeeze-out threshold that allows the acquirer to compulsorily purchase remaining minority shares. The confirmed final results will be published Thursday after verification by an independent auditor.

Samsung Biologics plans to proceed with a compulsory acquisition of the remaining shares to reach a 100 percent stake. The company is currently seeking regulatory approvals from authorities in Europe, India, Australia and Brazil, among other major jurisdictions, and will make the final payment within 10 trading days of receiving those approvals — closing the deal by year-end or by the first quarter of next year at the latest.

The total acquisition price is 1.46 billion Swiss francs, or approximately 2.37 trillion won ($1.77 billion), making it the largest merger and acquisition in the history of Korea's pharmaceutical and biotech industry.

The deal significantly broadens Samsung Biologics' portfolio, adding peptides — a key ingredient in GLP-1 diabetes and obesity treatments — alongside its existing capabilities in monoclonal antibodies and antibody-drug conjugates.

The strong tender offer result means Samsung Biologics can move swiftly to delist PolyPeptide Group as a wholly owned subsidiary and eliminate management control risks early. The company has secured a strong foothold to vault over late-mover barriers in the global obesity and diabetes market, which is projected to grow rapidly to the 200 trillion won range.


silverpaper@heraldcorp.com