Redeye raises its valuation on Calliditas most substantially (new base case: SEK250, up about 55% from SEK160) on the back of very positive top-line phase III results for Nefecon for IgA Nepropathy, released over the weekend. We regard this development as truly transformatational and now believe it is highly likely (95%) that Nefecon will become the first approved treatment for patients with IgA Nephropathy.