Calliditas Therapeutics is planning to raise $75 million through an Initial Public Offering in Sweden. The new investment capital will help Calliditas fund a phase 3 clinical trial of autoimmune kidney disease anticipated to start later this year.

The Sweden Based pharma manufacturer Calliditas' most popular drug is Nefecon an oral compound of the corticosteroid budesonide. The formulation which is developed to reach the active formula to B cells in the ileum and control the output of IgA antibodies. With this treatment, Nefecon is believed to be able to halt the accumulation of antibodies in a patient's kidneys with IgA nephropathy, which improves kidney functionality.

Renee Aguiar-Lucander CEO of Calliditas stated “Currently this is the only drug, that's being developed to focus on the main cause of the disease. By treating this locally in the gut ..., we're actually able to get an effect in the kidney, which is ultimately the organ that is affected and is destroyed by autoimmune complexes that get stuck in its filtration mechanism.”

Over 14 million shares at SEK 45 per piece will be offered by the IPO, estimated to set Calliditas up for a gross haul of SEK 650 million. The current shareholders have promised to buy up around one-sixth of the offering. An over-allotment could add close to SEK 100 million to the total.