Investinor

Secondary Sell-Down in Calliditas Therapeutics

c. 4 million shares
Placement Agent
;

Investinor

Kempen is pleased to announce that it acted as placing agent for Investinor in the secondary sell-down of c. 4 million Calliditas Therapeutics shares.

Transaction highlights

  • Kempen & Co assisted Investinor in successfully exiting its divestible holding in Swedish specialty pharma company Calliditas Therapeutics of around 4 million shares as part of the clean-up of its portfolio and in order to create more funds for investments in early-stage private companies
  • Calliditas has been part of Investinor’s portfolio since 2013, and has since then come a long way, with a Nasdaq Stockholm IPO in 2018 followed by a successful US Nasdaq IPO earlier this year
  • The exit was achieved predominantly via an off-market cross with a US specialist investor, at a premium versus the prior closing price
  • The aggregate sell-down by Investinor in Calliditas represents the second largest exit by a shareholder in a Swedish life sciences company in 2020YTD and the sixth largest in the Nordics
  • This smoothly executed exit demonstrates another avenue where Kempen & Co provides added value to the European life sciences universe. Kempen & Co can leverage its strong international investor network to find the right counterparties. Additionally, the exit also confirms Kempen & Co’s placement power in high quality biotech investors, both in Europe as well as in the US

Selling shareholder description

Investinor is an evergreen investment company funded by the Norwegian government, investing on the same terms and conditions as private investors, with a clear exit strategy for all investments. Investinor manages NOK 8 billion and focuses on early-stage private companies.  

Underlying issuer description

Calliditas Therapeutics AB is a specialty pharma focused on treatments for orphan indications, with an initial focus on renal and hepatic diseases with high unmet medical needs. The lead asset, Nefecon, is an oral formulation of budesonide, developed for the treatment of the autoimmune renal disease IgA nephropathy. Last weekend, Calliditas announced positive topline data from the Phase III trial with Nefecon.  

Calliditas was listed on Nasdaq Stockholm in 2018 and the Nasdaq Global Select Market in 2020. On 9 November, Calliditas stock closed at SEK 146.8 on Nasdaq Stockholm giving it a market cap of SEK 7.4 billion (c. EUR 720 million). 

Background Kempen & Co Life Sciences & Healthcare

  • In 2020, Kempen & Co has successfully completed a large number of transactions in its Life Sciences & Healthcare franchise. Recent transactions include: 
  • Lead Manager in the USD 85.0 million Nasdaq Initial Public Offering by Galecto 
  • Joint Bookrunner in the €31.0 million Capital Increase by Sensorion
  • Bookrunner in the USD 245 million Nasdaq Initial Public Offering by Curevac
  • Co-Manager in the USD 49.0 million US Public Offering by Centogene
  • Joint Bookrunner in the SEK 1.11 billion Capital Increase by Hansa Biopharma
  • Joint Bookrunner in the CHF 80.2 million Capital Increase by Molecular Partners
  • Co-Manager in the USD 690 million US Public Offering by Ascendis Pharma
  • Financial advisor in Immatics’ business combination with Arya Sciences Acquisition Corp., thereby becoming a Nasdaq listed company and securing USD 253 million
  • Joint Global Coordinator and Joint Bookrunner in the €61.8 million Initial Public Offering by Hyloris Pharmaceuticals
  • Joint Bookrunner in the €20.0 million Capital Increase by Oryzon Genomics
  • Joint Global Coordinator and Joint Bookrunner in the SEK 487 million Capital Increase by BioInvent
  • Joint Global Coordinator and Joint Bookrunner in the c. SEK 400 million Capital Increase by Immunovia
  • Co-Manager in the USD 862 million Global Offering by argenx
  • Joint Bookrunner in the SEK 1.41 billion Capital Increase by Oncopeptides
  • Co-Manager in the USD 154 million Global Offering of DBV Therapeutics
  • Joint Global Coordinator and Joint Bookrunner in the €19.0 million Capital Increase by Sequana Medical

Contact

Jan De Kerpel
Robin van Wijk

Transactions