South Korea’s Samsung Biologics has reached an agreement to acquire the Swiss manufacturer of active pharmaceutical ingredients, PolyPeptide Group, for 1.46 billion francs ($1.8 billion).
According to a joint press release, this is the largest deal in South Korea’s biopharmaceutical sector. PolyPeptide shareholders will receive 44.31 francs per share, representing a premium of 6.1 per cent on the share price at the close of trading last Friday. The deal is expected to be finalised by the end of the year.
PolyPeptide specialises in the production of peptide-based pharmaceutical ingredients, which are used, in particular, in popular weight-loss products. The company was spun off from Ferring Pharmaceuticals, a privately held firm, in 1996.
Shares in Samsung Biologics fell by 2.9% on Monday. Since the start of the year, the company’s market capitalisation has fallen by 20%.