PolyPeptide
Note: This is a daily stock update and the information stands true as of 20/07/26, 09:00 CET
Company Update:
Samsung Biologics announced a tender offer to acquire PolyPeptide Group for CHF 44.31/share, or CHF 1.46bn in market capitalization.
This is effectively a deal between the main shareholder (Draupnir, controlled by the Paulsen family) and Samsung Biologics. Draupnir has committed to tender its c. 56% stake, meaning only an additional c. 11% from the free float is needed to reach the 2/3 threshold required for completion.
Considering the company IPO'd at CHF 72.5/share four years ago, and that it just released strong preliminary H1 2026 results (to say the least):
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Revenue growth of c. 42% vs. consensus of c. 30% (pre-close call consensus)
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EBITDA margin of 20.7% vs. consensus of c. 17%
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As mentioned in our last paper, management effectively raised full-year guidance: 5pp higher on revenue growth and high-teens on EBITDA margin (a guidance on profitability that remains surprisingly conservative without further comment).
We view this as a somewhat disappointing deal for shareholders, despite the 40% premium to pre-rumor levels:
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The company IPO'd at a significantly higher price
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Multiples were stretched, but the strong profitability beat has since compressed them (making the offer look less generous in hindsight)
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The company is still in a growth phase and has yet to reach full operational efficiency
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We had a NAV/SOTP at CHF49.4/share.
We expect the deal to be completed given the main shareholder's commitment, only 20-25% of the free float needs to tender.
It is notable that Samsung Biologics is acquiring a pure-play peptide CDMO rather than building capabilities organically, supporting the "buy vs. build" narrative around peptide know-how. This is particularly relevant given that Lonza recently stated that peptides are too niche, carry execution risk, and are difficult to enter.
PS: PolyPeptide also disclosed that metabolics now represent 68% of revenue, further evidencing the transformational impact of the GLP-1 wave on the peptide CDMO landscape.
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