PolyPeptide rises after Samsung Biologics launches bid
BUZZ-PolyPeptide rises after Samsung Biologics launches bid ** Shares in Swiss peptide manufacturer PolyPeptide PPGN.S are seen up 6.3% in pre-market trade after Samsung Biologics launched an all-cash tender offer for the company
** South Korean contract drug manufacturer Samsung Biologics is offering CHF 44.31 per PolyPeptide share, valuing the Swiss group's equity at about CHF 1.46 billion ($1.81 billion)
** Offer price represents a 40% premium to PolyPeptide's undisturbed share price of CHF 31.65 before potential acquisition emerged** PolyPeptide's board unanimously recommends shareholders accept the offer
** Zürcher Kantonalbank sees Samsung Biologics' offer as fairly valued and says deal is highly likely to go ahead, citing board backing and support from PolyPeptide's largest shareholder
** Up to the previous session's close, shares were up 60% YTD
($1 = 0.8071 Swiss francs)
(Reporting by Basile Day)
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