Through a directed new share issue, Calliditas raises roughly SEK 210m (before transaction costs) to accelerate development of ongoing projects. The transaction was executed at SEK 60, representing a discount of 7.4% compared to yesterday’s closing price of SEK 64.80. We believe the value in Calliditas being able to gain traction from Swedish and international sector specialist investors should partly offset dilution, and we argue only a modestly negative reaction in the stock is warranted.