Chiesi Group, an international research-focused biopharmaceutical company headquartered in Parma, Italy, has entered into a definitive agreement to acquire KalVista Pharmaceuticals for $27.00 per share in cash, representing an equity consideration of approximately $1.9 billion. The transaction, unanimously approved by both boards, represents Chiesi’s largest acquisition to date and is expected to close in the third quarter of 2026. The offer price represents a 36% premium to KalVista’s 30-day volume-weighted average share price as of April 28, 2026.
The acquisition adds EKTERLY, known generically as sebetralstat, to Chiesi’s rare immunology portfolio. Sebetralstat is the first oral, on-demand treatment for hereditary angioedema attacks in adults and adolescents aged 12 and older, and is already approved in the United States, United Kingdom, European Union, Japan, and other regions. Following its U.S. launch in July 2025, the therapy generated $49 million in 2025 sales. A U.S. regulatory filing is planned for 2026 to expand use to children aged 2 to 11, with additional applications under review in key global markets. Sebetralstat is expected to contribute meaningfully to Chiesi’s 2030 strategic revenue target of €6 billion while expanding its commercial infrastructure and market presence in the United States.
Hereditary angioedema is a rare genetic disease causing painful and potentially life-threatening episodes of tissue swelling. Treatment guidelines recommend treating attacks as early as possible to prevent progression. Sebetralstat, as a novel plasma kallikrein inhibitor, offers an oral alternative to injection-based treatments, addressing a significant unmet need for patients. The transaction is not subject to any financing condition.
Support: Lazard served as exclusive financial advisor and Ropes & Gray served as legal advisor to Chiesi. Centerview Partners served as financial advisor and Kirkland & Ellis and Fenwick & West served as legal advisors to KalVista. Jefferies also provided financial advice to KalVista.
KEY QUOTES:
“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.”
Jean-Marc Bellemin, CFO and Incoming Interim Group CEO, Chiesi Group
“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.”
Giacomo Chiesi, Executive Vice President, Chiesi Global Rare Diseases
“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.”
Ben Palleiko, CEO, KalVista Pharmaceuticals
