The Guys Who Make Your TV Just Bet $1.8B on Peptides

Good morning, Armchair Army,

Welcome to today's edition of The Armchair Analyst, a 5-minute daily update on the ASX life-sciences sector.

Fun fact…

The guys who make your TV also manufacture drugs.

Samsung.

Their next big bet?

Peptides.

Last night, Samsung Biologics made an all-cash offer of ~US$1.8 billion for PolyPeptide.

Samsung Biologics is a leading global CDMO providing end-to-end biologics development, manufacturing, and fill/finish services for biopharma companies.

CDMO = Contract Development and Manufacturing Organisation.

Make the ingredients → Manufacture the drugs → Package →  Deliver to Pharma.

This acquisition is a buy-vs-build shortcut into GLP-1s for Samsung.

Acquiring 70+ years of peptide know-how, validated sites, and an existing client book.

But it’s also a big bet on peptides.

PolyPeptide is one of only a handful of pure-play peptide API manufacturers in the West.

It has six sites across five countries, three in Europe, two in the US and one in India. 

For PolyPeptide, this deal makes sense.

Expanding their facilities to keep up with the massive amount of demand was a big CAPEX investment.

For Samsung, this now enables an end-to-end CDMO offering across antibodies, ADCs, mRNA, and now peptides.

There is one more reason why this deal makes sense.

Onshoring.

The US looks to diversify supply chains, particularly when it comes to drug manufacturing and APIs.

Here’s what’s happened…

FIRST, the BIOSECURE Act. Signed into US law in December 2025, bars federal contracts tied to Chinese CDMOs.

THEN, in April, the Trump administration hit imported drugs and APIs with a Section 232 proclamation.

Up to 100% tariffs and a July 31 deadline to strike onshoring deals.

So when Samsung buys PolyPeptide, it's buying Western peptide capacity.

In a few days' time, the FDA advisory committee will meet to decide whether compounding pharmacies can sell a range of popular peptides that were previously banned in the US.

My bet is that IF these black-market peptides become legal, the peptide demand will continue to grow.

Samsung is making this bet.

… and so is one other company on the ASX.

GLP-1s and peptides will be one of the largest revenue drivers for the pharmaceutical industry.

BUT, there are very few ways to play the peptide and GLP-1 macro thematic on the ASX.

I remember earlier this year Sigma Healthcare telling the market that sales were up due to GLP-1s, and it was “leveraged” to the GLP-1 boom.

I’ll be damned if Chemist Warehouse and Sigma are the only ways to play the hottest pharma macro thematic in the last 10 years on the ASX.

But I found one.

One company solving one of the biggest problems for peptides.

Delivery.

My first-ever Armchair Analyst Pick, Tetratherix (ASX: TTX).

In March 2026, TTX launched a "precision medicine" franchise, branded STEPP.

STEPP uses the Tetramatrix polymer as a "sticky cushion" that adheres to the nasal lining, anchoring GLP-1s, peptides and hormones long enough to absorb into the bloodstream.

TTX has signed a commercial deal with US consumer-health group and compounding pharmacy Superpower Health to sell and distribute this product into the US market.

Commercial launch coming soon.

Right now, billions of dollars are being spent trying to solve the needle problem for peptides and GLP-1s.

While most companies are going down the ‘oral pill’ pathway (which is fraught; the gut was meant to break down peptides… not absorb them), TTX has developed another solution.

Through the nose.

So, while Samsung is a picks-and-shovels play on supply (making the API)... 

TTX is a picks-and-shovels play on delivery (getting the API in without an injection). 

Two ends of the spectrum. 

But both are chasing the fastest-growing industry in pharma right now.

Read more about TTX: My First Armchair Pick: Tetratherix (ASX: TTX) 

Let’s dive in…

Telix Pharmaceuticals (ASX: TLX) reports Q2 2026 revenue of US$247M, up 21% YoY and 7% QoQ. (TLX)

🪑 Very good quarter. 

This revenue doesn’t include the upfront US$40 million from Regeneron, and it beat the consensus forecast of US$240M.

Optiscan Imaging Ltd (ASX: OIL) commences Stage 2 of its head and neck cancer imaging study ahead of schedule. (OIL)

🪑 Big milestone. Nice job.

PYC Therapeutics (ASX: PYC) modifies the dosing regime in its Phase 1/2 clinical trial results for a rare eye disease, based on improvement in non-human primate models beyond 4 months. (PYC)

🪑 Last week I had a great chat with the chairman of PYC, Rohan Hockings. 

Look out for my deep dive on the company this week as part of my Biotech 165 Challenge. Very interesting stock.

AFT Pharmaceuticals (ASX: AFP) receives FDA approval for Scomara, BUT due to an existing orphan exclusivity on another product, it won’t be able to launch in the US until March 2029. (AFP)

🪑 I also spoke to the CEO of AFT Pharma last week as well, Dr Hartley Atkinson.

Here’s an epic stat.

Since he started the company in 1997, revenue has grown every year. For nearly 30 years.

Look out for my Biotech 165 article on that one too.

BLS Pharmaceuticals (ASX: BLS) signs a Referral Agreement with Cayman Chemical to expand its psychedelic medicines platform. (BLS)

Rhythm Biosciences (ASX: RHY) announces a Genetype lung cancer risk assessment test that improves detection by 42% over current Australian guidelines. (RHY)

Control Bionics (ASX: CBL) completes its Share Purchase Plan, raising $256,500 and bringing total raised to $9.75M. (CBL, Held)

🪑 SPP overhang now done.

REPORT: A deep dive into 100+ family offices that invest in life sciences companies. (Bio Founder)

🪑 If you’re looking to raise capital as a biotech company, I would highly recommend reading the article above. It also comes with a directory of over 100 family offices.

See you all tomorrow,

The Armchair Analyst.