Asahi Kasei to Acquire Calliditas Therapeutics for $1.12 Billion in Cash

Japan-based Asahi Kasei Corp. offered to acquire Calliditas Therapeutics AB (CALT) in a tender offer valued at $1.12 billion to accelerate its growth as a global healthcare company.

Deal Structure:

Asahi Kasei offered to buy Calliditas for 11.8 billion Swedish crowns (about $1.12 billion), offering 208 crowns per share (about $19.75) to the shareholders of Calliditas and 416 crowns (about $39.5) to the holders of American Depositary Shares of Calliditas. The offer represents a premium of 83% compared to the last trading price of Calliditas’ shares on Nasdaq Stockholm of 113.6 crowns.

Company Profile:

Asahi Kasei is a maker of specialized chemicals, including those used in batteries, the firm is best known in Japan for its building materials, such as insulation used in housing. It has a pharma division but is not heavyweight in the industry.

Calliditas is a biopharma company headquartered in Stockholm that focuses on orphan diseases and patients with unmet medical needs. The biopharma company’s EV/Sales (TTM) ratio is 4.96, above the sector median of 3.82.

Deal Details and Timeline:

Through this acquisition, Calliditas will become a wholly-owned subsidiary of Asahi Kasei which aims to expand its businesses globally by specializing in immunology, transplantation, and adjacent diseases.

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

Deal Metrics:

For more information regarding this M&A transaction, please refer to the Deal Metrics page here:

Deal Metrics for the acquisition of Calliditas Therapeutics AB (CALT) by Asahi Kasei Corp.

The Deal Metrics page for each merger or acquisition includes:

• A spread history chart of the merger from announcement through eventual completion or failure.
• Every event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
• News and SEC filings.
• A history of deal updates. 
• And a whole lot more. 

Disclaimer: This article is for informational purposes only. Please conduct your own thorough research before making any investment decisions. We do not guarantee the accuracy or completeness of the information provided in this article.

Editor’s Note: Baranjot Kaur contributed to this article