TVTX - Asahi Kasei To Pay A Fair Price For Calliditas Therapeutics

2024-05-28 10:20:20 ET

Summary

• Asahi Kasei will acquire Calliditas Therapeutics AB (publ) for $1.1 billion, representing an 83% premium to the closing price on the Stockholm exchange and a 74% premium to the Nasdaq closing price.
• The primary asset of interest in the acquisition is Tarpeyo, a drug for the treatment of IgA nephropathy, and setanaxib does not seem to be given much credit.
• Considering the expected competitive evolution in the IgA nephropathy market and Tarpeyo's potential, I believe Asahi Kasei is paying a fair price for Calliditas.

Asahi Kasei (AHKSF) announced an offer to acquire Calliditas Therapeutics AB (publ) ( CALT ) for approximately $1.1 billion, which represents an 83% premium to the closing price on the Stockholm exchange and a 74% premium to the closing price of the ADS on the Nasdaq. This also represents an approximate 55% gain from my initiation article from last year....

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