Sale of existing shares in Calliditas Therapeutics

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA.

PRESS RELEASE, January 10, 2020

Sofinnova Partners and Vivo Capital acquire 6% in Calliditas from Industrifonden and Investinor

Stiftelsen Industrifonden ("Industrifonden") and Investinor AS ("Investinor") today announce that they have sold in aggregate approximately 2.3 million shares in Calliditas Therapeutics AB ("Calliditas" or the "Company"), listed on Nasdaq Stockholm, to leading international specialist investors Sofinnova Partners, investing through its fund Sofinnova Crossover I, and Vivo Capital (the "Transaction").

Industrifonden sold approximately 1.3 million shares, reducing their holding in Calliditas from approximately 18% to approximately 15%. Following settlement of the Transaction, Industrifonden will continue to be the largest shareholder of Calliditas. Investinor sold approximately 1.0 million shares, reducing their holding from approximately 13% to approximately 11%. Following settlement of the Transaction, Investinor will be the third largest shareholder of Calliditas. Jefferies International Limited ("Jefferies" or the "Manager") acted as Placement Agent on the Transaction.

Industrifonden and Investinor have been leading investors in Calliditas since before the Company's IPO on Nasdaq Stockholm in June 2018 and, subject to customary exceptions or obtaining consent from the Manager, Industrifonden and Investinor will not make additional sales of shares in Calliditas for a period of 90 days.

"This transaction is in line with Industrifonden's ambition to support the company to get an expanded international ownership group, with the involvement of other leading international specialist investors to secure Calliditas' continued plans and success", said Patrik Sobocki, Investment Manager at Industrifonden.

"We welcome Sofinnova Partners and Vivo Capital to the ownership group of Calliditas. We believe that these investors will contribute substantially to the further development of the Company. Industrifonden and Investinor will continue to be among the largest shareholders of Calliditas, and we both share a deepfelt conviction of the Company's future potential", said Ann-Tove Kongsnes, Investment Director at Investinor.

"We are pleased to become investors in Calliditas, the leader in the development of innovative therapies for IgA Nephropathy, an orphan indication where there is tremendous unmet medical need", said Kinam Hong, M.D., Partner at Sofinnova Partners Crossover Fund.

Calliditas will not receive any proceeds from the Transaction.

For more information, please contact:

Patrik Sobocki, Investment Manager at Industrifonden

Ph: +46 70 439 67 73

Email: Patrik.sobocki@industrifonden.com

Ann-Tove Kongsnes, Investments Director at Investinor

Ph: +47 93 054 975

Email: anntove.kongsnes@investinor.no

About Industrifonden

Industrifonden is a Nordic venture capital investor based in Stockholm. We invest in emerging science and technology ventures that have a meaningful impact on society. Our portfolio includes ventures like Amra, Adaptive Simulations, Crosser and NuvoAir. For more information, visit www.industrifonden.com.

About Investinor

Investinor is a major, leading venture capital player with focus on Nordic Venture and growth equity. We invest in the most promising unlisted tech companies aiming for international growth and expansion. Investment portfolio currently consist of 70 companies. The fund is financially strong and has a consistent, credible investment philosophy. www.investinor.no.

IMPORTANT NOTICE

THIS ANNOUNCEMENT IS NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA.  THIS ANNOUNCEMENT IS NOT AN OFFER OF SECURITIES FOR SALE INTO THE UNITED STATES.  THE SECURITIES REFERRED TO HEREIN HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES, EXCEPT PURSUANT TO AN APPLICABLE EXEMPTION FROM REGISTRATION.  NO PUBLIC OFFERING OF SECURITIES IS BEING MADE IN THE UNITED STATES.

THIS ANNOUNCEMENT IS NOT AN OFFER OF SECURITIES OR INVESTMENTS FOR SALE OR A SOLICITATION OF AN OFFER TO BUY SECURITIES OR INVESTMENTS IN ANY JURISDICTION WHERE SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL. NO ACTION HAS BEEN TAKEN THAT WOULD PERMIT AN OFFERING OF THE SECURITIES OR POSSESSION OR DISTRIBUTION OF THIS ANNOUNCEMENT IN ANY JURISDICTION WHERE ACTION FOR THAT PURPOSE IS REQUIRED. PERSONS INTO WHOSE POSSESSION THIS ANNOUNCEMENT COMES ARE REQUIRED TO INFORM THEMSELVES ABOUT AND TO OBSERVE ANY SUCH RESTRICTIONS. ANY FAILURE TO COMPLY WITH THESE RESTRICTIONS MAY CONSTITUTE A VIOLATION OF THE SECURITIES LAWS OF ANY SUCH JURISDICTION.

IN MEMBER STATES OF THE EUROPEAN ECONOMIC AREA ("EEA") (EACH, A "RELEVANT MEMBER STATE"), THIS ANNOUNCEMENT AND ANY OFFER IF MADE SUBSEQUENTLY IS DIRECTED EXCLUSIVELY AT PERSONS WHO ARE "QUALIFIED INVESTORS" WITHIN THE MEANING OF THE COMMISSION REGULATION (EU) 2017/1129 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL OF 14 JUNE 2017.

IN THE UNITED KINGDOM THIS ANNOUNCEMENT IS DIRECTED EXCLUSIVELY AT QUALIFIED INVESTORS (I) WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS FALLING WITHIN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005, AS AMENDED (THE "ORDER") OR (II) WHO FALL WITHIN ARTICLE 49(2)(A) TO (D) OF THE ORDER, AND (III) TO WHOM IT MAY OTHERWISE LAWFULLY BE COMMUNICATED.

IN CONNECTION WITH THE TRANSACTION, THE MANAGER AND ANY OF ITS AFFILIATES ACTING AS AN INVESTOR FOR THEIR OWN ACCOUNT MAY TAKE UP AS A PRINCIPAL POSITION ANY SHARES AND IN THAT CAPACITY MAY RETAIN, PURCHASE OR SELL FOR THEIR OWN ACCOUNT SUCH SHARES. IN ADDITION, THE MANAGER OR ITS AFFILIATES MAY ENTER INTO FINANCING ARRANGEMENTS AND SWAPS WITH INVESTORS IN CONNECTION WITH WHICH THE MANAGER (OR ITS AFFILIATES) MAY FROM TIME TO TIME ACQUIRE, HOLD OR DISPOSE OF SHARES. THE MANAGER DOES NOT INTEND TO DISCLOSE THE EXTENT OF ANY SUCH INVEST-MENT OR TRANSACTIONS OTHERWISE THAN IN ACCORDANCE WITH ANY LEGAL OR REGULATORY OBLIGATION TO DO SO.

SETTLEMENT OF THE TRANSACTION IS SUBJECT TO CUSTOMARY CLOSING CONDITIONS.

THE MANAGER IS ACTING ON BEHALF OF INDUSTRIFONDEN AND INVESTINOR AND NO ONE ELSE IN CONNECTION WITH THE TRANSACTION AND WILL NOT BE RESPONSIBLE TO ANY OTHER PERSON FOR PROVIDING THE PROTECTIONS AFFORDED TO CLIENTS OF THE MANAGER OR FOR PROVIDING ADVICE IN RELATION TO THE TRANSACTION, THE CONTENTS OF THIS ANNOUNCEMENT OR ANY TRANSACTION, ARRANGEMENT OR OTHER MATTER REFERRED TO IN THIS ANNOUNCEMENT. THE MANAGER DOES NOT ACCEPT ANY RESPONSIBILITY WHATSOEVER FOR THE CONTENTS OF THIS ANNOUNCEMENT AND ACCORDINGLY DISCLAIMS, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ALL AND ANY LIABILITY, WHETHER ARISING IN TORT, CONTRACT OR OTHERWISE, WHICH IT MIGHT OTHERWISE HAVE IN RESPECT OF THIS ANNOUNCEMENT OR ANY SUCH STATEMENT.

This press release was submitted for publication on January 10, 2020 at 08:30 (CET).


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