Chiesi to Buy KalVista for $1.9  Billion

Rare Daily Staff

Chiesi Group said it will buy KalVista Pharmaceuticals for $27 a share in cash, in a deal valued at about $1.9 billion, as it expands deeper into rare disease and immunology.

The $27-a-share offer represents a 36 percent premium to KalVista’s 30-day volume-weighted average share price as of April 28, 2026.

The acquisition would give the Italian biopharmaceutical company control of Ekterly, the first oral, on-demand treatment for hereditary angioedema, or HAE, a rare genetic disorder that can cause sudden, painful, and potentially life-threatening swelling.

Chiesi said its subsidiary will launch a tender offer for all outstanding KalVista shares, and the companies expect the transaction to close in the third quarter of 2026, pending regulatory approvals and other customary conditions.

The deal has already been approved unanimously by both companies’ boards, and Chiesi said it is not subject to a financing condition. If the tender offer succeeds, the remaining shares would be acquired in a second-step merger for the same cash price.

Chiesi said the acquisition strengthens its global rare disease business and rare immunology portfolio, while KalVista said the transaction maximizes shareholder value and could help expand access to Ekterly worldwide. Chiesi also said the drug is expected to contribute to its 2030 revenue target and expand its U.S. commercial footprint.

Ekterly is an oral plasma kallikrein inhibitor approved in several markets, including the United States, the European Union, the United Kingdom, Japan, and others, for acute HAE attacks in people 12 and older. KalVista said U.S. sales of the drug reached $49 million in 2025 after its July 2025 launch.

“This acquisition is a strong strategic fit for our rare disease portfolio and reflects our commitment to people living with rare conditions,” said Giacomo Chiesi, executive vice president of Chiesi Global Rare Diseases. “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.”