Tokyo: Japan Asahi Kasei said on Tuesday that it had made an acquisition offer Calliditas medical treatment for around 11.8 billion Swedish crowns ($1.1 billion) as part of a plan to become global pharmaceutical company,

Asahi Kasei said in a statement that the Japanese company will offer 208 crowns per share of Stockholm-based Calliditas and 416 crowns for each American depositary share, which has been approved by the boards of both companies.

The offer represents an 83 per cent premium to Calliditas based on Monday’s closing price of 113.6 crowns.

Asahi Kasei, primarily known for its building materials business, said it wants to develop its healthcare sector globally. ImmunologyTransplantation, and related diseases.

Focuses on Calliditas Orphan diseases and patients with unmet medical needs. In a statement recommending that shareholders accept the tender offer, the Calliditas board said the company would “realise the benefits of becoming part of a larger platform”.

(Reporting by Rocky Swift; Editing by Muralikumar Anantharaman)