Chiesi Group to Acquire KalVista Pharmaceuticals for $1.9B, Adding First Oral HAE Treatment to Rare Disease Portfolio
KalVista Pharmaceuticals (Nasdaq: KALV) surged 38% Wednesday after Italy-based Chiesi Group announced it will acquire the company for $27.00 per share in cash — a deal valuing KalVista at approximately $1.9 billion and marking the largest acquisition in Chiesi’s history.
The Deal
Chiesi is moving to acquire KalVista through a tender offer targeting all outstanding shares, with both boards unanimously approving the transaction. The $27.00 per share price represents a 36% premium to KalVista’s 30-day volume-weighted average share price as of April 28, and a significant jump from the $19.24 closing price on Monday before the announcement hit. The deal carries no financing condition — a detail that removes a key execution risk and signals Chiesi’s commitment to closing. If the tender offer clears the majority threshold, Chiesi will acquire any remaining shares through a second-step merger at the same consideration. The transaction targets a Q3 2026 close, pending regulatory approvals and customary closing conditions.
What Chiesi Is Buying
The strategic prize here is EKTERLY (sebetralstat) — the first oral, on-demand treatment for hereditary angioedema attacks approved for adults and adolescents aged 12 and older. That distinction matters enormously in the HAE space, where existing prophylactic and acute treatments have historically required injections, creating a significant unmet need for a convenient oral option. Sebetralstat already holds regulatory approval across the United States, United Kingdom, European Union, Japan, and several other regions, giving Chiesi an immediately commercialized rare disease asset with a genuinely differentiated clinical profile.
The commercial trajectory is equally compelling. Following its U.S. launch in July 2025, sebetralstat generated $49 million in sales for the full year — an early ramp that suggests meaningful market uptake in its first months on the market. Ongoing studies are also evaluating the therapy in children aged 2 to 11, opening a potential label expansion that could further broaden the addressable patient population.
Why It Makes Strategic Sense for Chiesi
For Chiesi, the KalVista acquisition directly advances the company’s 2030 strategic revenue target of €6 billion while simultaneously deepening its rare immunology portfolio and expanding its commercial footprint in the United States. Acquiring a fully approved, already-launching rare disease asset with first-in-class oral status gives Chiesi an immediate revenue contributor and a platform for long-term growth in a high-value therapeutic category.
For KalVista shareholders, the 36% premium and all-cash structure deliver a clean, certain outcome — particularly attractive in a biotech environment where financing risk and execution uncertainty can weigh heavily on standalone valuations.
For more investor relations information on KalVista Pharmaceuticals please visit www.ir.kalvista.com
