Calliditas has Resolved on a Directed Share Issue in the Amount of 3.5 Million Shares, Raising Proceeds of Approximately SEK 210 Million - Seite 2

The Company intends to use the net proceeds from the Issue for:  

  i.  expansion of ongoing clinical development including new studies;

  ii.  acceleration of activities to build pipeline; and 

  iii.  general corporate purposes 

The Issue will entail a dilution of approximately 9.1 percent of the number of shares and votes in the Company. Through the Issue, the number of outstanding shares and votes will increase by 3,505,291, from 35,202,347 to 38,707,638. The share capital will increase by SEK 140,211.64, from SEK 1,408,093.88 to SEK 1,548,305,52.

In connection with the Issue, the Company has agreed to a lock-up undertaking, subject to customary exceptions, on future share issuances for a period of 90 days. In addition, members of the Board of Directors and the Management of Calliditas, who owns shares or warrants, have agreed not to sell any shares in Calliditas during a lock-up period of 90 days, subject to customary exceptions. Subject to the corresponding exceptions, the Major shareholders and Mikael Bender (former Zaragetero LTD) have undertaken not to sell shares in the Company for a period of 90 days.

The Issue was significantly oversubscribed due to high demand from Swedish and international institutional investors, including BVF. BVF also acquired call options from Industrifonden, Investinor and Mikael Bender, which have been acquired at market value using the Black-Scholes model. BVF will hold approximately 3 million shares in the Company if the option is exercised, corresponding to 7.7 percent of the total number of shares outstanding after the transaction.

"We are happy to have the support of such a reputable specialist investor as BVF, which shows that there is a strong interest among international investors for Calliditas. This funding, in conjunction with the $15 million (approximately SEK 140 million) upfront payment from the license agreement with Everest Medicines, will enable us to accelerate our clinical program around Nefecon and continue advancing the development of other pipeline projects," said Renée Aguiar-Lucander, CEO at Calliditas.

Advisers

In conjunction with the Issue, the Company has engaged Carnegie Investment Bank and Zonda Partners as Joint Bookrunners and Vinge as legal adviser. Baker McKenzie acts as legal adviser to the Joint Bookrunners in connection with the Issue.

This is information that Calliditas Therapeutics AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was sent for publication, through the agency of the contact persons set out above, on July 3, 2019 at 08:00 a.m. CEST.