Samsung Biologics to launch $1.8 billion all-cash bid for PolyPeptide

July 20 (Reuters) - South ‌Korea's Samsung Biologics ​will ​launch a 1.46 billion Swiss francs ($1.81 billion) all-cash bid for Swiss contract drugmaker PolyPeptide, the ‌companies said in separate statements.

The offer at 44.31 ⁠Swiss francs per share represents a premium of about 6.1% ‌to PolyPeptide's last closing price ‌of 41.75 Swiss francs on Friday, according to a Reuters calculation.

The tender offer is expected to launch ​by the end of August and close by year-end, Samsung Biologics said.

The takeover would expand the South Korean ⁠firm's capabilities in peptide-based therapeutics, including fast-growing obesity and diabetes treatments such ​as GLP-1 drugs, the company said.

PolyPeptide said its board had unanimously recommended shareholders accept the ​offer.

Samsung Biologics said after the deal ‌was completed it aimed to pursue a squeeze-out of any remaining minority shares and ⁠would delist PolyPeptide from the SIX Swiss Exchange, making it a wholly owned unit of the company.

PolyPeptide said its largest ⁠individual shareholder, Draupnir Holding, which owns about 55.65% of the company, ​supported the deal and would tender all of its shares into the offer.

The Swiss company said in April that Draupnir was ‌conducting a review of strategic options with regard to its majority stake in PolyPeptide.

Draupnir's ‌parent entity is the Cryosphere Foundation, which has links ⁠to Swedish billionaire Frederik ‌Paulsen, PolyPeptide has said ​previously.

($1 = 0.8084 Swiss francs)

(Reporting by Mihika Sharma in Bengaluru; Editing by Christian Schmollinger and Jamie ‌Freed)

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