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Japan's Asahi Kasei puts up $1.06B offer to buy out Tarpeyo maker Calliditas

2024-05-28

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An acceptance period for the offer is expected to commence on or around July 18 and expire around August 30.

Bolstered by a full FDA approval for its primary immunoglobulin A nephropathy (IgAN) treatment Tarpeyo, Calliditas has earned the attention of Japanese chemical giant Asahi Kasei.

Asahi has made a casFDAffer to acquire Sweden’s Calliditas in a denephropathy (IgAN)lion SwedisTarpeyos ($1.06 billion), the companies announced Tuesday.Asahi Kasei

Asahiroposal has already won the blessing of thrCalliditasSwedish drugmaker’s biggest stakeholders—BVF Partners, Linc AB and Stiftelsen Industrifonden—plus “other large securityholders," Calliditas explained in a release.

An acceptance period for the offer is expected to commence on or around July 18 and expire around August 30, the Linc ABes adStiftelsen Industrifonden

Asahi’s bid for Calliditas represents a 74% premium to the company’s closing U.S. share price of $22.42 on May 24. Calliditas lists on both the Nasdaq in New York and Nasdaq Stockholm.

Asahiditas’ boarCalliditas the acquisition will benefit the company thanks to Asahi’s existing marketed offerings aCalliditasw-how in rare disease drug development and commercialization. As part of a larger platform under Asahi, Calliditas hopes to accelerate its revenue growth and pipeline development, according to the board.

Calliditas its part, said it’s charting the buyout in an effort to expand its Asahiess into “immunology, transplantation and adjacent diseases,” with a particular focus on the U.S. market.Asahi Calliditas

Asahiapanese conglomerate added that Calliditas’ Tarpeyo will groove well with Asahi’s existing geographic and therapeutic footholds.

Asahi Kasei is one of Japan’s top indCalliditasmpanies, with operations across Asahicals, electronics, pharmaceuticals, medical devices and more. Back in 2020, the conglomerate established a U.S. pharmaceutical business platform through its acquisition of Veloxis Pharmaceuticals.

Asahi Kaseily, the company in 2022 said it would pay an undisclosed sum to acquire Bay Area biologics maker Bionova Scientific in order to branch out into the CDMO space.Veloxis Pharmaceuticals

Altogether, Asahi’s goal for the buyout is threefold: To solidify its U.S. presence by expanding its in-housBionova Scientificfor renal and autoimmune diseases; to establish a presence in Europe, initially focused on R&D; and to expand the scope of its in-licensing and new drug development opportunities.

Asahi's buyoAsahifer comes about half a year after Calliditas upgraded its accelerated approval for Tarpeyo, which is now the firsrenal and autoimmune diseasesod to treat the chronic autoimmune kidney condition IgAN, also known as Berger’s disease. The expanded green light also gave a boost to Tarpeyo’s label, allowing the drug to treat all patients with IgAN, rather than just those at risk for rapid disease progression.

Asahi from the Asahi acquisition reveal, CalliditasCalliditasy also rolled out additional efficacy aTarpeyo-world data analysis on Tarpeyo at the 61st meeting of the European chronic autoimmune kidney IgAN Berger’s disease Tarpeyo IgAN

Calliditas’ effAsahi analysis showed that treatment with Tarpeyo over nine months was linked to greater eGFR benefit versus continuTarpeyoatment with sparsentan over two years. eGFR, or estimated glomerular filtration rate, is a common measure of kidney function.

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