First Read: Polypeptide Group AG "Tender offer from Samsung Biologics and..."

Research evidence excerpt

First Read: Polypeptide Group AG "Tender offer from Samsung Biologics and..."

Global Research

20 July 2026ab

First Read

EquitiesPolypeptide Group AG

Tender offer from Samsung Biologics and Switzerland

preliminary results Biotechnology

12-month rating Buy *

12m price target CHF45.00

Samsung Biologics broadens its offering

Last night Polypeptide announced that the company entered a transaction agreement

with Samsung Biologics in which Samsung Biologics agreed to make an all-cash public Price (17 Jul 2026) CHF41.75

tender for CHF44.31 per share, valuing Polypeptide at approx. CHF1.46bn. This RIC: PPGN.S BBG: PPGN SW

represents 6% upside to Friday's close after the shares have rallied 60% YTD. The Board

Trading data and key metrics

unanimously recommends that shareholders accept the offer and the largest

shareholder Draupnir Holding BV (55.65% stake) has committed to tender all of its 52-wk range CHF49.40-20.50

shares. From Polypeptide's perspective, the transaction aims to provide the company Market cap. CHF1.38b/US$1.71b

with "resources, investment capacity and strategic platform to pursue the next phase of Shares o/s 33.1m (ORD)

its growth and innovation". For Samsung Biologics, the merits of the acquisition would Free float 41%

be "broadening [the] service portfolio with modality expansion into peptides including Avg. daily volume ('000) 60.3

GLP-1, but by also boosting [the] geographic reach and proximity further within the US, Avg. daily value (m) CHF2.4

Europe, and India". The offer price values Polypeptide at 16.2x EV/EBITDA 26E and 3.2x Common s/h equity (12/26E) €0.52b

EV/sales 26E. P/BV (12/26E) 2.9x

Net debt to EBITDA (12/26E) 0.9x

H126 results

EPS (UBS, diluted) (EUR)

Polypeptide announced preliminary results for For H126. Sales reached EUR236.6m,

UBS Cons.