Japanese chemical company Asahi Kasei Corporation made a $1.1 billion (SEK 11.164 billion) takeover bid for Swedish pharmaceutical company Calliditas Therapeutics ( CALT ) AB .

The deal offers 208 Swedish krona in cash per share and a concurrent offer for American Depositary Shares, each representing two Shares in Calliditas, for 416 Swedish krona in cash per ADS.

The Calliditas board unanimously recommended that shareholders accept the deal. 

Asahi Kasei, especially the pharmaceutical business, aims to expand globally by specializing in immunology, transplantation, and adjacent diseases.

Asahi Kasei continues to focus on maximizing the potential of Veloxis while pursuing additional opportunities globally, with a focus on the U.S. market. The company has been seeking acquisition targets that contribute to its pharmaceutical growth strategy. 

Calliditas Therapeutics' ( CALT ) lead product, Tarpeyo, for IgA nephropathy, a type of kidney disease, is highly complementary to Asahi Kasei's existing geographic and therapeutic areas.

"This transaction will accelerate [our] transformation into a global specialty pharmaceutical business by unlocking the potential of existing business operations and human resources of Calliditas," Asahi Kasei said.

The Japanese conglomerate company aims to solidify its presence in the U.S. by expanding its in-house sales structure for renal and autoimmune diseases, establishing a presence in Europe, and expanding its licensing and new drug development pipeline.

"The proposed transaction highlights the shared commitment of the offerer and Calliditas in addressing the significant unmet medical need in IgA nephropathy with the continued focused development of this first-to-market product in IgAN," Calliditas said.

Price Action: CALT shares are up 70% at $38.06 at last check Tuesday.

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