- Asahi Kasei Corp. intends to acquire Calliditas Therapeutics for SEK 11.8 billion through a voluntary tender offer.
- The offer price is set at SEK 208 per ordinary share and SEK 416 per ADS.
- Major shareholders and ADS holders in Calliditas have committed to accepting the offer.
- The acquisition aligns with Asahi Kasei's strategy to strengthen its presence in the healthcare industry and expand globally.
In a significant strategic move, Asahi Kasei Corp. has announced its intention to acquire Stockholm, Sweden-based Calliditas Therapeutics for SEK 11.8 billion (approximately 1 billion Euro). The acquisition will be executed through a voluntary tender offer aimed at making Calliditas a wholly-owned subsidiary of Asahi Kasei.
As part of the tender offer, Asahi Kasei will extend a concurrent offer to acquire all American Depositary Shares (ADS) of Calliditas, listed on Nasdaq Global Select Market, each representing two ordinary shares. The offer price is set at SEK 208 per ordinary share (approximately JPY 3,076) and SEK 416 per ADS.
BVF Partners, Linc AB, and Stiftelsen Industrifonden, the three largest shareholders and ADS holders in Calliditas, along with other significant stakeholders controlling 44.65% of all shares, have irrevocably committed to accepting the offer. The tender offer has received approval from the boards of both Asahi Kasei and Calliditas, with a recommendation for shareholders and ADS holders to accept the offer.
The acquisition aligns with Asahi Kasei’s strategy to bolster its presence in the healthcare industry, particularly in markets addressing the needs of aging populations. With extensive experience in pharmaceuticals and medical devices, Asahi Kasei aims to leverage this acquisition to enhance its growth trajectory.
Strategic Growth and Expansion
Asahi Kasei has a track record of successful acquisitions, including the critical care business through ZOLL in 2012 and the U.S. pharmaceutical business through Veloxis in 2020. These acquisitions have driven a robust organic growth rate in Asahi Kasei’s healthcare sector, contributing significantly to its revenue and operating income. In fiscal year 2023, healthcare accounted for 20% of Asahi Kasei’s net sales and 34% of its operating income.
The acquisition of Calliditas is expected to solidify Asahi Kasei’s presence in the U.S. market and establish a foothold in Europe, initially focusing on research and development activities. Calliditas, known for its innovative approach to treating unmet medical needs, particularly with its product Tarpeyo for IgA nephropathy, complements Asahi Kasei’s existing therapeutic areas.
Future Outlook
Asahi Kasei’s “Be a Trailblazer” medium-term management plan for 2024 highlights the importance of the pharmaceutical business within its growth strategy. By acquiring Calliditas, Asahi Kasei aims to accelerate its transformation into a global specialty pharmaceutical business, enhancing its capabilities in immunology, transplantation, and related diseases.
The acquisition is subject to customary closing conditions, including antitrust and foreign direct investment clearances. Once finalized, Asahi Kasei anticipates significant synergies, including an expanded in-house sales structure for renal and autoimmune disease fields in the U.S., a strengthened R&D presence in Europe, and an enriched pipeline of in-licensing and new drug development opportunities.
Asahi Kasei’s commitment to improving and saving patients’ lives remains at the core of its strategy, and the acquisition of Calliditas represents a pivotal step in achieving this mission on a global scale.
About Calliditas Therapeutics
Calliditas Therapeutics is a specialty pharmaceutical company focused on developing and commercializing treatments for rare diseases with significant unmet medical needs, including its leading product Tarpeyo for IgA nephropathy.
