Asahi Kasei to acquire Swedish pharma firm

Japanese chemical major Asahi Kasei has announced it will acquire Swedish drugmaker Calliditas Therapeutics as part of efforts to bolster its pharmaceutical business.

Asahi Kasei said on Tuesday the two firms will begin the acceptance period of the tender offer in July.

It said the offer for Calliditas stands at over one billion dollars. The Swedish firm develops drugs such as those to treat kidney diseases and has an advantage in the US market.

Asahi Kasei already acquired a US pharmaceutical company in 2020 to expand its business in the country.

Asahi Kasei President says he expects healthcare to be the sector with the highest growth. Kudo Koshiro says he is very sure that the sector will become the main pillar of the Asahi Kasei Group in 2030 and beyond.

The company also said earlier it will scale back its petrochemical business as market conditions continue to worsen amid the excess production of Chinese rivals.