Calliditas to acquire controlling interest in Genkyotex

Swedish drugmaker Calliditas Therapeutics (STO: CALTX)has reached an agreement to acquire a controlling interest in Genkyotex (Euronext Paris: GKTX), a leader in NOX inhibition therapies, whose shares were up more than 30% at 2.86 euros by midday.

France-headquartered Genkyotex' lead clinical candidate, setanaxib (GKT831), is in development for primary biliary cholangitis (PBC), a chronic orphan liver disease resulting from progressive destruction of the bile ducts in the liver. In a Phase II clinical trial, setanaxib demonstrated evidence of anti-fibrotic activity combined with a favorable tolerability profile, as well as a statistically significant impact on fatigue.

Calliditas has agreed to acquire, through an off-market block trade, ordinary shares of Genkyotex representing 62.7% of the share capital and voting rights of Genkyotex from Genkyotex' largest shareholders and management team for a cash consideration at closing of 2.80 euros per ordinary share (subject to certain transaction expenses) representing a 32.3% maximum premium on Genkyotex’ volume weighted average price (VWAP) over the preceding 10 trading days immediately prior to this announcement, for a total consideration of 20.3 million euros ($23.9 million) payable in cash at closing.