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Calliditas Therapeutics downgraded to Hold from Buy at Jefferies

Jefferies downgraded Calliditas Therapeutics (CALT) to Hold from Buy with a price target of $39, down from $58, after Asahi Kasei (AHKSY) announced an agreement to acquire Calliditas for about $39 per ADS or about $1.1B. The deal value of $1.1B translates to about a 1.5 times multiple based on the firm’s Tarpeyo peak sales estimate of $745M in 2027, which “makes sense,” the analyst tells investors.

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