Investinor with record financial gain in Calliditas Therapeutics

Investinor first invested in Calliditas in 2013. The investment was made together with Industrifonden AB and Bengt Julander, one of the founders of Calliditas. In total, Investinor has invested NOK 137 million in Calliditas and has had an active role in developing the company from the early clinical phase to becoming a publicly listed company with positive phase 3 data.

During 2020, Investinor has sold some 4.9 million shares in total representing approx. 10% of the shares outstanding in Calliditas. Investinor has sold shares in Calliditas for an aggregate amount of more than NOK 600 million, resulting in a financial gain of more than NOK 475 million – the largest financial gain on a single investment for Investinor since its inception.

– Investinor would like to congratulate Calliditas on the recent positive topline results from the phase 3 clinical trial. Together with the company and our co-investors, we have successfully generated significant shareholder value. Furthermore, through IPOs on Nasdaq Stockholm in Sweden and the Nasdaq Global Select Market in the US, the shareholder register of Calliditas has been broadened and strengthened. Our decision to exit is in line with the long-term plan and ownership agenda, comments Ann-Tove Kongsnes, Investment Director and head of the Healthcare team at Investinor.

– This is a milestone for Investinor in several aspects. The sell-down represents Investinor’s first exit via the capital markets. It is also one of the largest secondary public markets exits year to date in the Nordic healthcare space. The investment in Calliditas is an excellent example of how Investinor can develop and monetize values in the public markets, comments Thomas S. Wrede-Holm, Investment Director at Investinor.

– We are excited that Calliditas is one step closer to a market launch of Nefecon which will contribute to increased life quality for patients with the kidney disease IgA nephropathy. Investinor has over several years built a robust healthcare portfolio with Calliditas as one of the most mature companies, and we are confident that there is significant value also in the remaining healthcare portfolio, comments Birgitte Gangmark Villmo, Senior Associate and part of the Healthcare team at Investinor.

Investinor recorded a financial gain in excess of NOK 475 million in connection with the investment in Calliditas corresponding to an IRR of approx. 35% and an ROI of approx. 4.5x.

– We are grateful for having been part of Calliditas’ great journey. Investinor has invested in more than 70 companies, and the gain in Calliditas shows the potential of our venture portfolio, comments Terje Eidesmo, CEO of Investinor.

Investinor’s remaining shareholding in Calliditas following the sell-down of 166 803 shares corresponds to an ownership of 0.3%. These shares are tied to written call options.