STOCKHOLM - Asahi Kasei Corporation has acquired over 90 percent of Calliditas Therapeutics AB's shares, leading to a series of corporate actions including the delisting of Calliditas' common shares from Nasdaq Stockholm and its American Depositary Shares (ADSs) from the Nasdaq Global Select Market. The Board of Directors of Calliditas resolved to apply for the delisting following a request from Asahi Kasei.
The precise date for the last day of trading Calliditas' common shares on Nasdaq Stockholm is pending confirmation from the exchange. The company plans to submit a Form 25 to the U.S. Securities and Exchange Commission around September 13, 2024, with the delisting of the ADSs anticipated to take effect approximately ten days later. Subsequent to the delisting, Calliditas intends to deregister the ADSs and cease its reporting obligations under the U.S. Securities Exchange Act of 1934. The company will also terminate the depositary agreement and the ADS program.
In addition, a separate press release issued today announced an Extraordinary General Meeting scheduled for September 30, 2024. The meeting's agenda includes the election of a new Board of Directors, among other items, at the behest of Asahi Kasei.
Calliditas Therapeutics, headquartered in Stockholm, specializes in developing treatments for orphan indications with significant unmet medical needs. The company's common shares and ADSs are currently listed on Nasdaq Stockholm and the Nasdaq Global Select Market, respectively.
The press release includes forward-looking statements that involve risks and uncertainties concerning the company's future plans, such as its intention to delist its securities, deregister the ADSs, and take related actions. These statements are based on the company's current expectations and are subject to change and factors beyond the company's control.
This news is based on a press release statement from Calliditas Therapeutics and does not constitute an endorsement of the company's claims or actions. Investors are advised to consult additional sources and regulatory filings for further information.
In other recent news, Calliditas Therapeutics received full marketing authorization from the European Commission for its drug Kinpeygo, expanding its use for adults with primary immunoglobulin A nephropathy (IgAN). This decision was based on the results from the Phase 3 NefIgArd clinical trial, which demonstrated the drug's efficacy. Additionally, Calliditas secured a US patent for its method of treating solid tumors resistant to PD-1 inhibitor immunotherapy, set to expire in 2039.
The company reported a total revenue of SEK295.5 million for the first quarter, which did not meet the consensus estimate. However, Calliditas achieved a record number of enrollments and prescribers during the quarter. Following a recent tender offer from Asahi Kasei, several financial firms, including Citi, Jefferies, and Stifel, downgraded Calliditas stock from Buy to Neutral or Hold, while H.C. Wainwright maintained a Buy rating but reduced the price target.
Calliditas is also expanding its focus to additional rare diseases with its anti-fibrotic drug setanaxib, which has shown proof of concept in squamous cell carcinoma of the head and neck. Further data on primary biliary cholangitis and idiopathic pulmonary fibrosis is expected to be released. These are all recent developments in the company's strategic focus and commitment to advancing medical treatments.
InvestingPro Insights
As Calliditas Therapeutics AB prepares for significant corporate changes, including the delisting of its shares, investors are closely monitoring the company's financial health and market performance. According to InvestingPro data, Calliditas boasts an impressive gross profit margin of 93.46% over the last twelve months as of Q2 2024, highlighting its strong ability to control costs and generate revenue from its sales. Additionally, the company's market capitalization stands at 1.09 billion USD, reflecting investor confidence in its market value.
Despite not being profitable in the last twelve months, with a negative P/E ratio of -23.29, Calliditas has experienced a significant price uptick, with a 6-month price total return of 87.21% as of the latest data. This suggests that investors may be optimistic about the company's future prospects or potential strategic moves, such as the recent acquisition by Asahi Kasei Corporation. Furthermore, with the stock trading near its 52-week high at 95.75% of the peak price and a closing price of 40.12 USD, it indicates that the market is valuing the company's shares highly.
InvestingPro Tips also indicate that Calliditas operates with a moderate level of debt and its liquid assets exceed short-term obligations, providing the company with a stable financial footing amidst the upcoming changes. It's important to note that while the company does not pay a dividend to shareholders, its high return over the last year might compensate for the lack of direct income distribution.
For investors seeking more detailed analysis, there are additional InvestingPro Tips available that delve deeper into Calliditas' financial metrics and market performance. These insights can be particularly valuable in the context of the company's forthcoming delisting and the strategic direction under Asahi Kasei's influence.
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