Samsung Targets Swiss CDMO PolyPeptide in $1.8 Billion Deal

Samsung Biologics of South Korea has offered shareholders CHF44.31 per share in cash, valuing PolyPeptide’s equity at approximately CHF1.46 billion.

If completed, the acquisition would expand Samsung Biologics’ manufacturing portfolio beyond its core antibody and biologics business into the development and production of therapeutic peptides. The segment has become increasingly attractive following the commercial success of GLP-1 therapies and other peptide-based drugs, making it one of the fastest-growing areas of pharmaceutical outsourcing.

Riding the GLP-1 wave

With manufacturing sites in Europe, the United States and India, PolyPeptide is among the world’s leading manufacturers of peptide active pharmaceutical ingredients. The company is currently benefiting from strong market demand. Revenue increased 41.6% year over year to €236.6 million in the first half of 2026. Management now expects full-year revenue growth of 25% to 30%, with an EBITDA margin in the high teens.

The offer is the latest in a series of multi-billion-dollar transactions reshaping the CDMO industry. The biggest deal came in 2024, when Swiss CDMO Lonza acquired U.S.-based Catalent for approximately US$16.5 billion, creating one of the world’s largest providers of biologics, cell and gene therapy, and sterile drug manufacturing. Novo Holdings’ acquisition of Catalent on behalf of Novo Nordisk likewise underscored the strategic value of advanced manufacturing capacity.

Scale matters, but speciality too

At the same time, pharmaceutical companies and private equity investors continue to acquire specialized CDMOs. Most recently, German healthcare investor SHS Capital acquired a majority stake in Dutch nasal spray and semi-solid specialist Basic Pharma with the goal of building a European platform for the development, regulatory approval and manufacturing of specialty pharmaceuticals. Companies including Evonik, Fujifilm Diosynth Biotechnologies and WuXi AppTec are also investing heavily in expanding production capacity worldwide.

Several factors are driving this consolidation. Pharmaceutical companies are increasingly outsourcing development and manufacturing to reduce capital expenditures while gaining flexibility as the number of complex therapeutic modalities continues to grow. At the same time, specialized technologies—including antibody-drug conjugates (ADCs), oligonucleotides, cell and gene therapies, and peptides—have become strategic bottlenecks. CDMOs with proprietary platforms, regulatory expertise and manufacturing know-how therefore command premium valuations.

Strengthening Samsung’s global CDMO ambitions

For Samsung Biologics, acquiring PolyPeptide would represent more than an entry into the rapidly expanding peptide market. It would also mark another step toward becoming a fully integrated global CDMO. The company has spent years broadening its capabilities beyond traditional biologics manufacturing to support customers across the pharmaceutical value chain. The acquisition would strengthen Samsung’s European footprint while positioning the company to benefit from continued growth driven by the next generation of peptide-based medicines.

Samsung has already established close ties with another Swiss life sciences company through multiple project partnerships with biosimilar developer Sandoz. Switzerland and South Korea have also expanded collaboration across several technology sectors, including quantum computing in addition to life sciences. A large South Korean delegation participated in the Global Village at this year’s Swiss Biotech Day, while Basel Area Business & Innovation continues to work with South Korean partners on joint innovation initiatives.