Read-across on Samsung Bio‘s acquisition offer for Polypeptide: Reflects attractiveness of peptide CDMO business, but not likely to impact China-based CDMO players in short run

研报英文原文证据摘录

Read-across on Samsung Bio‘s acquisition offer for Polypeptide: Reflects attractiveness of peptide CDMO business, but not likely to impact China-based CDMO players in short run

Global Markets Research

20 July 2026China healthcare

EQUITY: HEALTH CARE & PHARMACEUTICALS

Read-across on Samsung Bio’s acquisition offer for PolyPeptide Research Analysts

China Health Care &

Reflects attractiveness of peptide CDMO business, but not Pharmaceuticals

likely to impact China-based CDMO players in short run Jialin Zhang, CFA, CPA - NIHK

jialin.zhang@nomura.com

On 20 July morning (local time), Samsung Biologics (207940 KS, Buy) announced to +852 2252 6134

acquire a 100% stake in PolyPeptide Group AG (PPGN SW, Not rated), entering the

peptide CDMO area. Our Korea Research team has published a report on this:

QuickNote-SamsungBiologics(207940KS)(Buy)AcquiringpeptideCDMOcompany

(PolyPeptide).

We think this deal reflects the attractiveness of peptide CDMO, as stated in our anchor

report: AnchorReport:GlobalGLP-1RAs-Asiaplayersseeopportunities, driven by the

strong global demand for GLP-1 RAs – a major application area for peptide CDMO. The

global market for peptide CDMO is also growing very fast.

Based on our understanding, the entry barrier to peptide CDMO is relatively high, as

starting from scratch requires substantial effort and, more importantly, manufacturing

capacity matters a lot. This explains why China-based CDMO players such as Wuxi

Apptec (603259 CH/2359 HK, Buy) and Asymchem (002821 CH/6821 HK, Buy) have

been investing heavily in capex over the past few years, and Samsung Biologics has

announced to acquire PolyPeptide, even though the latter has made losses over the past

three consecutive years.

According to PolyPeptide, its FY25 sales were EUR389mn, recording a CAGR of 10%