Asahi Kasei offers to buy Sweden’s Calliditas for $1.04bn

Japanese company Asahi Kasei has made a public cash offer for the acquisition of all shares in the Swedish drugmaker Calliditas for Skr11.16bn ($1.04bn). The deal would involve the purchase of Calliditas shares for Skr208 per share to expand Asahi Kasei’s global pharmaceutical footprint.

Asahi Kasei’s proposal also extends to Calliditas’ American depositary shares (ADS), each representing two shares, at Skr416 per ADS, following US securities rules. Calliditas’ board of directors unanimously recommended that shareholders and ADS holders accept Asahi Kasei’s tender offer.

The offer signifies an 83% premium based on Calliditas’ closing price of Skr113.6 on the last trading day before the announcement. The acceptance period for the offer will begin on 18 July and conclude on 30 August 2024, with the possibility of extensions.

BVF Partners, Linc and Stiftelsen Industrifonden, with other significant shareholders, have committed to accepting the offer, contingent on certain conditions. These shareholders collectively represent 44.65% of Calliditas’ total shares. Lazard is serving as the financial advisor to Calliditas while Advokatfirman Vinge KB and DLA Piper LLP are providing legal counsel.

Calliditas is expected to complement Asahi Kasei’s product offerings and expertise in rare disease drug development and commercialisation. With Asahi Kasei’s acquisition, Calliditas is poised to benefit from being part of a larger platform, potentially accelerating the company’s development and reach in the healthcare sector.

Asahi Kasei aims to expand its businesses globally through specialising in the areas of transplantation, immunology and adjacent diseases.

May 29, 2024