Chiesi to Buy KalVista for $1.9 Billion in Rare Disease Push

Chiesi Group will acquire KalVista Pharmaceuticals Inc. for approximately $1.9 billion, a strategic move to add a first-in-class oral therapy for hereditary angioedema and bolster its rare disease division.

"This acquisition is a strong strategic fit for our rare disease portfolio and reflects our commitment to people living with rare conditions," Giacomo Chiesi, Executive Vice President of Chiesi Global Rare Diseases, said in a statement. He added that KalVista’s innovation "meaningfully expands our presence in rare immunology."

The all-cash transaction values KalVista at $27.00 per share, representing a 36 percent premium to the company's 30-day volume-weighted average price as of April 28. The deal, which marks Chiesi’s largest acquisition to date, was unanimously approved by both boards and is expected to close in the third quarter of 2026, pending regulatory approvals.

The purchase centers on KalVista's approved drug, EKTERLY® (sebetralstat), which addresses a significant unmet need for an effective, on-demand oral treatment for hereditary angioedema (HAE) attacks. Chiesi expects the drug will be a meaningful contributor to its strategic revenue target of €6 billion by 2030 and will significantly expand its commercial presence in the United States.

A Differentiated Oral Therapy

Sebetralstat is a novel plasma kallikrein inhibitor and the first oral, on-demand treatment approved for HAE attacks in adults and adolescents. The rare genetic disease causes painful and debilitating swelling attacks that can be life-threatening. The therapy, which launched in the U.S. in July 2025, demonstrated strong market uptake, achieving $49 million in sales last year, according to company filings. With studies underway to expand its use to children, sebetralstat has the potential to become a foundational therapy for HAE management globally.

Shareholder Value and Path to Close

"Following a thorough review of strategic opportunities, our Board determined that this Transaction maximizes shareholder value, delivering a meaningful all-cash premium," KalVista CEO Ben Palleiko said. Chiesi will commence a tender offer to acquire all outstanding shares of KalVista. The transaction is not subject to any financing condition.

Lazard is serving as the exclusive financial advisor to Chiesi, with Ropes & Gray LLP as legal advisor. Centerview Partners LLC is the financial advisor to KalVista, with Kirkland & Ellis LLP and Fenwick & West LLP serving as legal advisors.

This article is for informational purposes only and does not constitute investment advice.