PolyPeptide Group has narrowed the field of potential buyers for its next auction phase, selecting private equity firms EQT AB and IDG Capital to move forward in the bidding process for the Swiss contract drug manufacturer, according to a report by Bloomberg.
The report cites unnamed people familiar with the matter as highlighting that US-based Altaris has also remained engaged in the sale process. No final decisions have been made and discussions remain ongoing, with bidders continuing due diligence and reviewing financial information ahead of any formal offers.
PolyPeptide, which has a market value of around $1.6bn following a recent share price rally, is still trading below levels seen several years ago.
The company first confirmed in April that it was reviewing strategic options, following earlier reports of takeover interest. At that stage, it said there was no certainty the process would lead to a transaction.
Founded in 1993, PolyPeptide develops peptide-based therapies used in treatments across metabolic, oncological, cardiovascular, and neurological conditions. It operates manufacturing facilities across Europe, the United States, and India, serving global pharmaceutical clients.
The company is controlled by billionaire Frederik Paulsen.
Any potential deal would add to a steady pipeline of healthcare-related private equity activity in Switzerland. Recent transactions in the sector include Lone Star Funds’ agreement to acquire a unit of Lonza Group and SK Capital Partners’ purchase of a majority stake in Swixx Biopharma.
IDG Capital has previously invested in a range of global consumer and lifestyle brands, while EQT has remained active across healthcare and industrial carve-outs in Europe.
