Private equity firms EQT and IDG Capital have moved into the second round of bids for Swiss peptide maker PolyPeptide, Bloomberg reports. The company, whose market capitalisation sits at roughly $1.6bn, has rallied about 20% since takeover interest surfaced in April. PolyPeptide says it remains focused on its long‑term strategic plan and shareholder value.

PolyPeptide develops peptide therapeutics across metabolic disease, oncology, cardiovascular and neurological indications, operating sites in Europe, the United States and India. Its exposure to GLP‑1‑type weight‑loss drugs places it at the heart of a fast‑growing pharma theme. Controlling shareholder billionaire Frederik Paulsen will likely influence any take‑private structure, adding a layer of negotiation complexity for bidders.

Both bidders bring complementary assets: EQT leverages a European platform focused on pharma services and operationally intensive growth, while IDG Capital, a veteran US healthcare specialist, has recently expanded its European industrial footprint through a Swiss peptide manufacturing stake. The Swiss market’s recent deal flow—Lone Star’s $2.79bn Lonza unit purchase and SK Capital’s Swixx Biopharma stake—underscores the region’s appeal for life‑science investors. The outcome will shape Europe's peptide sector for years.