On August 12, 2021 Calliditas Therapeutics AB (publ) ("Calliditas" or the "Company") (Nasdaq Stockholm – CALTX; Nasdaq – CALT), a biopharma company focused on identifying, developing and commercializing novel treatments in orphan indications, reported, in accordance with the Company’s press release earlier today, the closing of a directed share issue consisting of 2,400,000 common shares at a price of SEK 135 per share (the "Issue") (Press release, Calliditas Therapeutics, AUG 12, 2021, View Source [SID1234586456]). The Issue will raise proceeds for the Company of approximately SEK 324 million before transaction costs. The subscription price in the Issue has been determined through an accelerated book building procedure.

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The Issue in brief

The Board of Directors of Calliditas has, in accordance with the issue authorization granted by the Annual General Meeting on May 27, 2021, and as indicated in the Company’s press release on earlier today, resolved on a directed share issue of 2,400,000 new shares at a subscription price of SEK 135 per share, consequently raising gross proceeds of approximately SEK 324 million. The subscription price in the Issue has been determined through an accelerated book building procedure which is why the Board of Directors’ assessment is that the subscription price is in accordance with market conditions. The reasons for the deviation from the shareholders’ preferential rights are to raise capital for the development of ongoing projects in a time and cost-effective manner. Moreover, the Company will further strengthen the shareholder base with Swedish and international institutional investors and sector specialist investors through the Issue.

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

ongoing clinical development;
pre-commercial development in the United States;
commercial activities for Nefecon, if approved for marketing by the FDA later this year; and
general corporate purposes.
The Issue will entail a dilution of approximately 4.6 percent of the number of shares and votes in the Company. Through the Issue, the number of outstanding shares and votes will increase by 2,400,000, from 49,941,584 to 52,341,584. The share capital will increase by SEK 96,000, from SEK 1,997,663.36 to SEK 2,093,663.36.

In connection with the Issue, the Company has agreed to a lock-up undertaking, with customary exceptions, on future share issuances for a period of 90 days. In addition, members of the Board of Directors and management of Calliditas, who owns shares or warrants, have, in connection with the Issue, agreed not to sell any shares in the Company during a lock-up period of 90 days subject to customary exceptions.

Advisers

In conjunction with the Issue, the Company has engaged Carnegie Investment Bank AB (publ) and Jefferies GmbH as Joint Global Coordinators and Joint Bookrunners, and Kempen & Co as Joint Bookrunner (together the "Banks"). Vinge act as legal adviser to the Company and Baker McKenzie act as legal adviser to the Banks.