[Edaily Reporter Shin Ha-yeon ] On the 21st, NH INVESTMENT & SECURITIES assessed that SAMSUNG BIOLOGICS(207940)has decided to acquire Poly Peptide, a Swiss peptide contract development and manufacturing organization (CDMO), for 2.7 trillion won, marking the company’s full-scale entry into the global obesity treatment CDMO market. While there may be short-term pressure on profitability due to the funding required for the acquisition, the move is viewed positively as it secures medium- to long-term growth potential.

Han Seung-yeon, an analyst at NH INVESTMENT & SECURITIES, stated, “Through this acquisition of Poly Peptide, the company is attempting to enter the obesity CDMO market for the first time,” adding, “This deal meets all three criteria: expansion of key areas, regions, and modalities (portfolio).” She continued, “We view this acquisition positively because it allows the company to directly benefit from the global obesity market.”

On the 18th, SAMSUNG BIOLOGICS announced its decision to conduct a tender offer to acquire 100% of the shares in Polypeptide, a Swiss-listed peptide CDMO, for approximately 2.7 trillion won. The largest shareholder (holding a 56% stake) has committed to participating in the tender offer, and the acquisition will be finalized if the offer secures more than 66.7% of the total voting rights during the tender offer this September. The company aims to close the transaction by the end of the year.

PolyPeptide, the target of the acquisition, is a global peptide CDMO with a 70-year history, operating six production sites across five countries, including Switzerland. It has experience in the development and production of over 1,000 peptide therapeutics, and its revenue last year reached 390 million euros, a 16% increase from the previous year. Its EBITDA margin also stood at 12%, indicating improved profitability. In particular, the share of metabolic disease (obesity) is expected to expand from 22% in 2021 to 57% by 2026.

An analyst explained, “Polypeptide has secured a total of 47 metabolic disease projects, including 10 commercialized products and 25 products in the clinical stage from various pharmaceutical companies,” adding, “Securing contracts for commercialized obesity treatments is the key driver.” He continued, “We have set a target of over 640 million euros in revenue and an EBITDA margin of 25% for 2028, and we have already secured most of the production capacity needed to achieve these goals.”

Through this acquisition, SAMSUNG BIOLOGICS will expand its business scope from its existing antibody-focused CDMO operations to include peptides. One analyst noted, “Unlike antibody-based ADCs and multi-antibodies, where the company already possesses expertise, it lacked production technology for peptides, which are the raw materials for obesity treatments,” adding, “There is also potential for the company to establish a large-scale peptide manufacturing facility in Korea after internalizing polypeptide production technology.” The analyst further emphasized, “From a modality perspective, antibodies and peptides will be the two pillars of the company’s mid- to long-term growth.”

However, securing funding for the acquisition remains a variable. Since 2.7 trillion won is required for the tender offer for Polypeptide, and existing investments—such as the expansion of Plant No. 6—are proceeding in parallel, capital raising is expected to center on borrowing and corporate bond issuance. One analyst assessed, “Future valuation should focus on growth potential rather than profitability,” adding, “If the acquisition is finalized within the year, Polypeptide’s earnings are expected to be reflected in the consolidated financials starting in 2027; the focus should be on securing structural new growth drivers rather than a margin decline resulting from the business mix.”