Chiesi Group, an Italian biopharmaceutical company, has entered into a definitive agreement to acquire KalVista Pharmaceuticals, Inc. for approximately $1.9 billion in cash, valuing KalVista at $27.00 per share. The offer represents a 36% premium to KalVista’s 30‑day volume‑weighted average share price as of April 28, 2026, and roughly a 40% premium to the last closing price on that date. The transaction is expected to close in the third quarter of 2026, subject to customary closing conditions.
The deal brings KalVista’s first‑in‑class oral, on‑demand hereditary angioedema (HAE) therapy, EKTERLY (sebetralstat), into Chiesi’s rare disease portfolio. EKTERLY received FDA approval in July 2025 and generated about $49 million in sales in 2025, with $35 million of those sales reported in the fourth quarter of fiscal 2025. The HAE market is projected to reach $12.55 billion by 2035, and the oral segment is expected to grow at a CAGR of 11.20%. EKTERLY’s oral, on‑demand mechanism differentiates it from injectable competitors such as Takeda’s Firazyr, Ionis’ Dawnzera, and CSL’s Andembry.
Prior to the acquisition announcement, KalVista had no revenue in its fiscal year ending April 30, 2024, and reported R&D expenses of $86.2 million and a net loss of $126.6 million. The company’s GF Score™ of 24 highlights significant weaknesses in profitability and financial strength, underscoring the strategic value of EKTERLY as its primary commercial asset.
For Chiesi, the acquisition strengthens its rare disease strategy and expands its U.S. commercial footprint. The company has set a 2030 revenue target of €6 billion and has previously acquired Amryt Pharma in 2023. Adding EKTERLY provides a differentiated, on‑demand treatment option that aligns with Chiesi’s focus on unmet needs in rare immunology and positions the company to capture a growing share of the HAE market.
Ben Palleiko, CEO of KalVista, said, “Following a thorough review of strategic opportunities, our Board determined that this Transaction maximizes shareholder value, delivering a meaningful all‑cash premium to our shareholders. With Chiesi's global infrastructure, commercial capabilities and long‑term commitment to rare diseases, we are confident in their ability to help expand access to sebetralstat for people living with HAE around the world.” Giacomo Chiesi, Executive Vice President of Chiesi Global Rare Diseases, added, “This acquisition is a strong strategic fit for our rare disease portfolio and reflects our commitment to people living with rare conditions. In HAE, patients continue to face significant unmet needs, and KalVista's innovation meaningfully expands our presence in rare immunology by adding a differentiated, on‑demand treatment option that can bring meaningful advancement in how the disease can be managed.” Jean‑Marc Bellemin, CFO and Interim Group CEO of Chiesi Group, noted, “This acquisition supports our strategy to accelerate impact in rare diseases by bringing together science, innovation and expertise to address areas of highest unmet need. KalVista's proven drug discovery and development capabilities, combined with our global footprint and operational excellence, will enable us to deliver innovation to patients at greater scale.”
Investors have responded positively to the announcement, citing the attractive premium and the strategic fit of EKTERLY within Chiesi’s portfolio. The deal is expected to enhance Chiesi’s rare disease pipeline and strengthen its position in the U.S. market.
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