We are advising Lazard as financial adviser to Calliditas on the transaction

Davis Polk is advising Lazard as financial adviser to Calliditas Therapeutics AB in connection with a recommended public offer by Asahi Kasei Corporation to acquire all shares in Calliditas for SEK 208 in cash per share. The offer will also include a concurrent offer by Asahi Kasei to acquire all American depositary shares, each representing two shares in Calliditas, for SEK 416 in cash per ADS, which will be conducted pursuant to the securities rules of the United States. The total value of the offer corresponds to SEK 11.164 billion, equivalent to $1.1 billion. The acceptance period of the offer is expected to commence as soon as the tender offer document is approved by the Swedish Financial Supervisory Authority (SFSA), on or around July 18, 2024, and expire on or around August 30, 2024, subject to any extensions.

Calliditas is a biopharmaceutical company headquartered in Stockholm, Sweden, focused on identifying, developing and commercializing novel treatments in orphan indications with significant unmet medical needs.

Asahi Kasei is a global conglomerate that provides innovative, science-based solutions to a diverse range of markets in the materials, home and healthcare sectors. Asahi Kasei has its registered office in Tokyo, Japan. The shares in Asahi Kasei are listed on the Tokyo Stock Exchange.

The Davis Polk corporate team includes partner Phillip R. Mills and associate Kristy Choi. All members of the Davis Polk team are based in the New York office.

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