06:36 AM EDT, 05/28/2024 (MT Newswires) -- Calliditas Therapeutics ( CALT ) said Tuesday its board of directors unanimously recommended that its shareholders accept an 11.16 billion Swedish krona ($1.06 billion) cash buyout offer from Asahi Kasei.

Following the news, Calliditas shares were up more than 75% in recent Tuesday premarket activity

The Japanese pharmaceutical company is offering 208 Swedish krona per share and 418 Swedish krona per American depositary share for the company, which specializes in finding potential treatments for rare diseases.

The company said the acceptance period for the offer begins July 18 and expires around August 30, subject to extensions and conditions including that Asahi Kasei obtains more than 90% of Calliditas shares.

The company said its three largest investors, BVF Partners, Linc, and Stiftelsen Industrifonden, representing about 45% of shares, have already agreed to the acquisition.

Price: 38.20, Change: +16.38, Percent Change: +75.07