Samsung Biologics announced a $1.8 billion all-cash offer to acquire Switzerland’s PolyPeptide Group, a company specializing in peptide-based pharmaceutical ingredients.

The deal would be the largest biopharmaceutical acquisition in South Korea’s history and is expected to close by the end of the year.

The acquisition aims to expand Samsung Biologics’ portfolio beyond antibody drugs into fast-growing peptide therapies, including treatments for obesity and diabetes.

PolyPeptide shareholders will receive 44.31 Swiss francs per share under the proposed agreement, CNBC has reported.

The deal would also strengthen Samsung Biologics’ global manufacturing and research network across multiple countries.