Asahi Kasei Corp has announced that it will offer the shareholders of Calliditas Therapeutics to acquire the shares of the pharmaceutical company Calliditas for the purpose of making Calliditas a wholly-owned subsidiary of Asahi Kasei through a voluntary tender offer for Calliditas.

In the Board’s opinion, the combination of Asahi Kasei and Calliditas will leverage and complement Asahi Kasei’s product offerings as well as its ability and expertise in rare disease drug development and commercialization. With Asahi Kasei as its new strategic owner, Calliditas aims to realize the benefits of being part of a larger platform and the potential opportunity to accelerate the company’s revenue growth trajectory as well as pipeline development.

In the period following the completion of the offer and following careful review of the needs of the combined business, Asahi Kasei will determine the optimal structure of the combined company to continue to deliver success in the future.”

“Asahi Kasei recognizes the exceptional capabilities and skills of Calliditas’ dedicated management and employees and looks forward to welcoming these individuals to Asahi Kasei. Further, Calliditas has infrastructure in a number of markets where Asahi Kasei currently has limited resources, including Sweden. Asahi Kasei has not made any decisions involving any changes to Calliditas’ business, the locations where Calliditas conducts its business or Calliditas’ management and employees, including their terms of employment. However, to realize efficiencies, the integration of Asahi Kasei and Calliditas will likely entail some changes to the organization, operations and employees of the combined group. In the period following the completion of the offer and following careful review of the needs of the combined business, Asahi Kasei will determine the optimal structure of the combined company to continue to deliver success in the future,” states the Board.

The total value of the offer corresponds to SEK 11,164 million

BVF Partners, Linc AB and Stiftelsen Industrifonden (the three largest holders of shares and ADSs in Calliditas) as well as other large shareholders and ADS holders who in aggregate control 44.65 per cent of all shares in Calliditas have irrevocably undertaken to accept the offer, subject to customary conditions, in support of the tender offer at a price of SEK 208 per share for their shares. The offer will also include a concurrent offer by Asahi Kasei to acquire all American Depositary Shares, each representing two Shares in Calliditas, for SEK 416 in cash per ADS, which will be conducted pursuant to the securities rules of the United States. The total value of the offer corresponds to SEK 11,164 million.

The acceptance period of the offer is expected to commence on or around July 18, 2024 and expire on or around August 30, 2024, subject to any extensions.

Photo of Renée Aguiar-Lucander, CEO, Calliditas