Samsung Biologics: Polypeptide acquisition accelerates peptide entry; funding/tender acceptance as near-term focus

研报英文原文证据摘录

Samsung Biologics: Polypeptide acquisition accelerates peptide entry; funding/tender acceptance as near-term focus

J P M O R G A N Asia Pacific Equity Research

21 July 2026

Samsung Biologics Overweight

207940.KS, 207940 KS

PolyPeptide acquisition accelerates peptide entry; Price (21 Jul 26):W1,404,000

funding/tender acceptance as near-term focus Price Target (Jun-27):W2,200,000

Samsung Bio agreed to acquire 55.65% of PolyPeptide Group AG from controlling Biotechnology

ACowner Draupnir and launched an all-cash tender offer for the remaining free float Jihyun Cho

at CHF 44.31/share (vs. the prior close of CHF 41.75, for a ~6% premium), (82-2) 758-5480

implying a ~W2.7tn (or US$1.8bn) equity value, subject to ≥66.7% acceptance and jihyun.cho@jpmorgan.com

regulatory approvals. PolyPeptide is a peptide API CDMO with six cGMP sites Tae Wook Kim

across Europe/the US/India, delivering EUR 389mn in FY25 revenue (+16% y/y) (82-2) 758-5719

and a 12.0% EBITDA margin (vs. 7.5% in 2024), and targeting 20-25% sales taewook.kim@jpmorgan.com

J.P. Morgan Securities (Far East) Limited, Seoul

growth and mid- to high-teens EBITDA margins in 2026. Management has framed Branch

this peptide entry into its pre-set 3D expansion strategy in capacity/modality/

geography and guided to earnings contribution in 2027E and onward given the

expected deal closing by year-end. As Samsung also continues its organic build,

including a Korea Plant 6 construction start within 2026, BioCampus 3 and US

capacity expansion (~100kL), management is open to both internal/external

funding options going forward to proceed with all the projects above. We reiterate

OW with a focus on the resiliency of the existing antibody CDMO business, and

will revisit our earnings estimates as execution visibility improves.