Cal­lid­i­tas bets up to $102M on a biotech buy­out, snag­ging a once-failed PBC drug

Af­ter spend­ing years de­vel­op­ing its oral for­mu­la­tion of the cor­ti­cos­teroid budes­onide, Swe­den’s Cal­lid­i­tas now has its sights set on the pri­ma­ry bil­iary cholan­gi­tis field.

The com­pa­ny will buy out France-based Genky­otex, and it’s will­ing to bet up to €87 mil­lion ($102 mil­lion) that Genky­otex’s failed Phase II drug, GKT831, will do bet­ter in late-stage tri­als.

Un­der the cur­rent agree­ment, Cal­lid­i­tas $CALT will ini­tial­ly pay €20.3 mil­lion in cash for 62.7% of Genky­otex (or €2.80 a piece for 7,236,515 shares) in ear­ly Oc­to­ber, then cir­cle back for the rest of Genky­otex’s shares un­der the same terms. If noth­ing changes, the whole buy­out will cost Cal­lid­i­tas €32.3 mil­lion, plus up to  €55 mil­lion in con­tin­gent rights.

Endpoints News

Unlock this article instantly by becoming a free subscriber.

You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.