The bid is supported by 44.6% of shareholders, representing a bid premium of 74% compared with yesterday’s closing price. Listed Asahi Kesei has a private pharma business with a presence that is, in our view, well-placed to secure synergies by acquiring Calliditas. We regard the bid as well-timed and hardly surprising after extending the Tarpeyo patent support. In our view, the bid level does not rule out the prospects of a positive bid revision or the prospects of a competing bid.