The Life Sciences team advised Calliditas Therapeutics AB (Nasdaq: CALT) on its upsized initial public offering of 9,230,770 new common shares, consisting of a public offering of 8,306,770 common shares in the form of American Depositary Shares (ADSs), with each ADS representing two common shares, and a concurrent private placement of 924,000 common shares to certain qualified investors in Europe and certain other jurisdictions outside of the U.S. The transaction marks the first biotech company to achieve dual public listings in Sweden and the U.S.
The aggregate gross proceeds amount to USD 90 million, equivalent to approximately SEK 828.0 million, before deduction of underwriting commissions and estimated expenses payable by Calliditas. The company originally planned to raise USD 75 million by offering 3.8 million ADS equivalents.
Calliditas is a Stockholm-based specialty pharmaceutical company developing high quality pharmaceutical products for patients with a significant unmet medical need in niche indications. Calliditas is focused on the development and commercialization of the product candidate Nefecon, a formulation intended for treatment of patients with the inflammatory renal disease IgA nephropathy (IgAN), a disease for which there are no approved treatments. The company intends to use the net proceeds from the global offering, together with its existing cash resources, for the purposes of funding of its ongoing Phase 3 clinical trial and related trials of Nefecon, pre-commercialization and, if approved, commercialization activities for Nefecon and development of additional product candidates.
The Goodwin team was led by Kristopher Brown, James Xu, Jonathan Schur, Julie Tibbets, Roger Cohen, Michael Rosenberg, Patricia Mets, Rosanne Yang, Darren Bartlette, and Kaitlin Carragher, with invaluable assistance from former Goodwin associate Deanna Virginio.