PolyPeptide Is Said to Shortlist EQT, IDG for Next Bidding Round

PolyPeptide Group AG has shortlisted private equity firms EQT AB and IDG Capital in the next round of bidding for the Swiss contract drugmaker, according to people familiar with the matter.

Altaris LLC has also been pursuing PolyPeptide, the people said, asking not to be identified discussing private information. The company has a market value of about $1.6 billion after a recent rally, but it is still off highs of about four years ago.

The private equity firms are speaking with advisers, assessing financial materials and conducting due diligence, the people said. Considerations are ongoing and no final decisions ...