Chiesi Group Agrees to Acquire KalVista for $1.9B

Chiesi Group, an international research-focused biopharmaceutical group and certified B Corp, and KalVista Pharmaceuticals Inc. have entered into a definitive agreement under which Chiesi will acquire KalVista.

Under the terms of the Transaction, Chiesi will commence a tender offer to acquire all outstanding shares of KalVista for $27.00 per share in cash. The total value implied by the Transaction at closing is approximately $1.9 billion.

The Transaction, which is expected to close in Q3 2026, is Chiesi’s most substantial acquisition to date in terms of value and represents a milestone in its strategy in Rare Diseases, reinforcing its commitment to improving the lives of people living with rare conditions.

An Oral, On-Demand Therapy for Hereditary Angioedema

Upon completion of the Transaction, Chiesi will assume responsibility for EKTERLY (sebetralstat), a differentiated oral, on‑demand treatment for hereditary angioedema (HAE), developed by KalVista, which addresses a significant unmet need for patients requiring effective and accessible therapies.

By combining KalVista’s innovation with Chiesi’s Global Rare Diseases capabilities in Rare Immunology, the Transaction aims to accelerate patient access and strengthen medical and scientific engagement, in line with Chiesi’s mission and strategic objectives. Sebetralstat is also expected to meaningfully contribute to Chiesi’s 2030 strategic revenue target of €6 billion, while expanding its commercial infrastructure and market presence in the United States.

Sebetralstat is a novel plasma kallikrein inhibitor and the first oral, on-demand treatment for HAE attacks in adults and adolescents aged 12 years and older. The therapy is already approved in the United States, United Kingdom, European Union, Japan and other regions, with ongoing studies exploring its use for treating HAE attacks in children aged 2 to 11 and multiple regulatory applications under review in key global markets. Following its launch in the United States in July 2025, sebetralstat demonstrated strong market uptake, reaching $49 million in 2025 sales.

Jean-Marc Bellemin, Chiesi Group’s CFO, and Interim Group CEO, said: “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.”

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