Calliditas Therapeutics, a Swedish biotech developing novel therapies for inflammatory kidney disease, filed on Thursday with the SEC to raise up to $75 million in an initial public offering. The company's stock currently trades on the Nasdaq Stockholm under the symbol "CALTX" and currently has a market cap of $369 million.
The company's lead candidate, Nefecon, is a novel oral formulation of local immunosuppressant budesonide for the treatment of the autoimmune renal disease IgA nephropathy (IgAN). Nefecon met the key primary and secondary endpoints in a Phase 2b trial and is currently in a global pivotal Phase 3 trial, with topline data expected in the 4Q20, subject to any further impact from the coronavirus pandemic.
The Stockholm, Sweden-based company was founded in 2004 and booked $19 million in licensing revenue for the 12 months ended March 31, 2020. It plans to list on the Nasdaq under the symbol CALT. Calliditas Therapeutics filed confidentially on December 13, 2019. Citi, Jefferies, and Stifel are the joint bookrunners on the deal. No pricing terms were disclosed.
