Samsung Biologics Co. (207940.KS): Acquisition of PolyPeptide to accelerate expansion into peptides for broader multi-modality CDMO

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Samsung Biologics Co. (207940.KS): Acquisition of PolyPeptide to accelerate expansion into peptides for broader multi-modality CDMO

Equity Research

20 July 2026 | 5:14PM HKT

Samsung Biologics Co. (207940.KS): Acquisition of PolyPeptide to

accelerate expansion into peptides for broader multi-modality CDMO

On July 20, Samsung Biologics announced a tender offer to acquire 100% of Chris Pan, CFA

+852-2978-7993 | chris.pan@gs.com

PolyPeptide, a global peptide-focused CDMO, for an implied equity value of Goldman Sachs (Asia) L.L.C.

CHF1.46bn (see company release), following the previous acquisition of US based Ziyi Chen

site from GSK at 60kL capacity in Dec 2025 (see our previous note). Market reaction +852-2978-0526Goldman Sachs (Asia)| ziyi.chen@gs.comL.L.C.

appeared broadly neutral, with Samsung Biologics shares declining 3.7% on the day

versus a 4.5% decline in the KOSPI, reflecting broader market weakness. We view the

acquisition as a strategically compelling move that would accelerate Samsung

Biologics’ diversification into peptides, a large and fast-growing modality that would

take years to build organically. The key focus is likely to shift toward execution and

Samsung Biologics’ ability to leverage its manufacturing and operational

expertise to enhance PolyPeptide’s profitability and drive synergy realization

over time. The company is scheduled to report 2Q26 results on July 23rd and we

expect another strong quarter with resilient earnings on FX tailwinds (+30%/41% y/y

on revenue and NP for CDMO business) (see our preview note).

n Transaction expected to close by YE2026: The all-cash tender offer values

PolyPeptide at c.CHF1.46bn (c.US$1.8bn/W2.7tn). Samsung Biologics intends to

fund the acquisition primarily through existing cash balances and operating cash