Acquiring peptide CDMO company (PolyPeptide) Quick Note

Research evidence excerpt

Acquiring peptide CDMO company (PolyPeptide) Quick Note

Global Markets Research

Samsung Biologics 207940.KS 207940 KS 20 July 2026

EQUITY: HEALTH CARE & PHARMACEUTICALS

RatingAcquiring peptide CDMO company (PolyPeptide) Remains Buy

Target price KRW 2,200,000 RemainsQuick Note

Closing priceSamsung Biologics (SB) on 20 July announced to acquire PolyPeptide Group AG (PPGN) 16 July 2026 KRW 1,396,000

(PPGN SW, Not rated; market cap USD1.7bn), a peptide CDMO company. SB plans to

secure a 100% stake through a tender offer, with total deal value amounting KRW2.7tn.

This acquisition represents SB's strategic expansion beyond its antibody contract Research Analysts

development and manufacturing organization (CDMO) capabilities into the peptide CDMO Korea Healthcare &market. We regard SB’s key strategic rationale as it could capture the rapidly growing Pharmaceuticals

outsourcing demand for GLP-1 peptide manufacturing. Cindy Park - NFIK

PPGNrecordedrevenueofEUR236.6bn(+41.6%y-y)in1H26withEBITDAmarginof cindy.park@nomura.com

20.7%.Thecompanyguidedfor2026Erevenuegrowthof25-30%y-yandhigh-teens +822 3783 2324

EBITDAmargin.BasedonPPGN’srecord(PPGNisparticipatinginone-thirdofglobal Dongmin Lee - NFIK

peptidePhaseIIItrials)andsolventreductiontechnology,thecompanyhassecured dongmin.lee@nomura.com

contractswithmanyoftheglobaltop20bigpharmas,toourknowledge. +822 3783 2338

Total deal value of KRW2.7tn, assuming 100% stake acquisition

• On 20 July, SB announced its plans to acquire 100% of PPGN at CHF44.31/share,

implying an equity value of CHF1.46bn (KRW2.7tn). The acquisition will be financed

through a combination of existing cash (KRW1.6tn of cash, cash & equivalent, as of

1Q26), future operating cash flow, and debt while management indicated that equity