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.

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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.