A Japanese conglomerate is offering to buy Calliditas Therapeutics for more than $1 billion in a bid to enter a burgeoning autoimmune disease space.
Three of Calliditas’ largest shareholders have already agreed to accept the offer from Asahi Kasei, and the biotech’s board is recommending that all other shareholders do the same, according to a Tuesday morning release.
Asahi Kasei — a chemicals and materials company with $20 billion in annual revenue — said it’s looking to expand its specialty pharma business globally, particularly in the areas of immunology, transplantation and adjacent diseases. By acquiring Sweden-headquartered Calliditas, it will gain both commercial sales structure in the US and R&D presence in Europe.
In December, Calliditas’ Tarpeyo became the first-ever therapy to win full FDA approval to treat primary immunoglobulin A nephropathy (IgAN), a chronic kidney disease caused by the buildup of antibodies. The drug, a delayed-release formulation of the steroid budesonide, generated around $26 million in revenue in the first quarter of 2024. It’s also approved in Europe and China.
Calliditas is hoping that having Asahi Kasei as its new owner will “accelerate the company’s revenue growth trajectory as well as pipeline development.”
Asahi Kasei will be going up against a growing group of rivals: In addition to Travere, which markets Filspari, Novartis’ Fabhalta is under priority review for IgAN and Vertex is pushing forward a mid-stage candidate after its $4.9 billion buyout of Alpine Immune Sciences.
A second program in Calliditas’ pipeline is being tested for primary biliary cholangitis, idiopathic pulmonary fibrosis and Alport syndrome.
As Calliditas is dual listed on the Nasdaq in New York and Nasdaq Stockholm, Asahi Kasei will have to purchase shares on both exchanges. Its offer represents a 74% and 83% premium to the last closing prices in New York and Stockholm, respectively.
BVF Partners, Linc AB, Stiftelsen Industrifonden, Sofinnova and Polar Capital Biotechnology Fund are among the shareholders ready to sell their stakes. All told, Asahi Kasei has secured commitment representing 44.65% of all Calliditas shares.
The offer acceptance period will end in late August, and Asahi Kasei is aiming to start a settlement in September, it wrote in a release.