Calliditas Therapeutics gets €92 million credit agreement via Athyrium

By Marisa Wong

Los Angeles, Dec. 28 – Calliditas Therapeutics AB entered into a credit agreement on Dec. 27 with Athyrium Opportunities IV Co-Invest 1 LP as administrative agent and lender for a €92 million loan, according to an 8-K filing with the Securities and Exchange Commission.

Calliditas Therapeutics US Inc. and Calliditas NA Enterprises Inc. are the guarantors.

The loan bears interest at an annual rate of 9%. The rate will be increased during the existence of an event of default under the credit agreement.

The credit agreement requires quarterly interest-only payments through the third fiscal quarter of 2026. The loan will partially amortize in four quarterly principal payments of €13.8 million beginning on Dec. 31, 2026, with the outstanding balance to be repaid on the maturity date of Dec. 31, 2027.

The company may, at its option, prepay the loan in whole or in part at any time, subject to concurrent payment of certain fees and, if prepaid within the first three years of closing, a make-whole premium. The loan is subject to mandatory prepayment in the event of specified asset dispositions, extraordinary receipts or unpermitted debt issuances, subject to certain exceptions and thresholds.

The credit agreement contains financial covenants to maintain minimum unrestricted cash and achieve minimum net revenue targets with respect to Nefecon. Nefecon is a treatment for patients with immunoglobulin A nephropathy.

Proceeds from the loan were used, in part, to repay in full outstanding obligations under the company’s loan agreement with Kreos Capital VI (UK) Ltd. and Kreos Capital 2020 Opportunity (UK) Ltd. in amount equal to roughly €68 million and to pay fees (including an original issue discount), transaction costs and expenses payable in connection with the new Athyrium credit agreement. Following the repayment, the Kreos loan agreement was terminated.

Remaining proceeds from the Athyrium loan may be used for general corporate purposes, including the commercialization of Nefecon as well as research and development activities.

Cash proceeds from the loan, net of the Kreos loan repayment and before transaction-related costs, are expected to be about €19 million.

Calliditas is a pharmaceutical company based in Stockholm.

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