Samsung Biologics, through its Swiss subsidiary Samsung Peptide AG, has formally published the prospectus for a cash tender offer covering all 33,016,411 outstanding shares of Swiss peptide CDMO PolyPeptide Group AG, excluding treasury stock. The CHF 44.31-per-share offer values PolyPeptide's equity at approximately CHF 1.46 billion, or about 2.7 trillion won ($1.80 billion), and represents premiums of 40% to the April 10 closing price and 11.6% to the 60-trading-day volume-weighted average price before the July 20 pre-announcement. PolyPeptide's independent and non-conflicted directors unanimously recommend acceptance, backed by a fairness opinion from IFBC AG. Draupnir Holding B.V., which owns approximately 55.65% of shares outstanding excluding treasury shares, has committed to tender its entire 18,375,000-share holding. The offer requires at least 66⅔% acceptance on a fully diluted basis and regulatory approvals. The main offer period is scheduled for Sept. 15 through Oct. 12 at 4 p.m. Swiss time, with completion targeted for the end of November. Samsung Peptide plans to delist PolyPeptide from the SIX Swiss Exchange and, if its stake exceeds 90%, to initiate a squeeze-out of remaining minority shareholders. The transaction would give Samsung Biologics its first entry into peptide manufacturing and the GLP-1 market, complementing its antibody, mRNA and antibody-drug conjugate businesses, while transferring PolyPeptide's existing CDMO contracts.