News Article

Italian biopharmaceutical firm Chiesi Group has struck a definitive agreement to acquire listed KalVista Pharmaceuticals in an all-cash transaction valued at approximately $1.9bn.

The transaction has secured unanimous approval from both corporate boards and is slated to close in the third quarter of 2026, subject to customary regulatory clearances and the tender of a majority of shares. Under the terms of the deal, a wholly owned subsidiary of Chiesi will launch a tender offer to purchase all outstanding KalVista shares at a 40 per cent premium to the closing price prior to the announcement.

The acquisition serves as the largest in Chiesi’s history and is designed to significantly bolster its global rare diseases business unit. At the centre of the transaction is Ekterly, known generically as sebetralstat, which is KalVista’s pioneering oral, on-demand treatment for acute attacks of hereditary angioedema. Treatment guidelines recommend addressing attacks as early as possible, making accessible oral options highly valuable to patients.

Ekterly secured approval in the United States in July 2025, alongside clearances in the United Kingdom, the European Union, and Japan. The addition of this asset aligns with Chiesi’s strategy to expand its rare immunology footprint and is expected to contribute meaningfully to the group’s target of reaching €6bn in revenue by 2030.

Chiesi executives highlighted that combining KalVista’s drug development capabilities with their own global commercial infrastructure will accelerate patient access to the treatment worldwide.

Market observers view the acquisition as a logical conclusion following a highly successful initial commercialisation period for Ekterly, while hereditary angioedema remains a focal point for industry consolidation.