At a Glance
- Acquirer: Chiesi Group
- Target: KalVista Pharmaceuticals
- Deal value: About $1.9 billion, $27 per share in cash
- Focus area: Rare disease and rare immunology
- Next steps: Tender offer, close expected in Q3 2026
What happened?
Chiesi Group agreed to acquire KalVista Pharmaceuticals in an all-cash deal valued at about $1.9 billion, or $27 per share. Chiesi said the transaction will add KalVista’s oral on-demand hereditary angioedema therapy EKTERLY to its rare disease portfolio.
Why does it matter?
The deal strengthens Chiesi’s rare immunology business and gives it a commercial asset in hereditary angioedema, a rare condition where patients still need faster, more convenient treatment options. It is also Chiesi’s biggest acquisition to date and supports the company’s broader rare disease growth strategy.
Who’s behind it?
Chiesi is an Italy-based research-focused biopharmaceutical group and certified B Corp with a growing rare disease unit. KalVista is a US biotech developing sebetralstat, and Chiesi said its global footprint and operational scale can help broaden access to the drug.
How was it achieved?
The boards of both companies unanimously approved the transaction, and Chiesi will launch a tender offer for all outstanding KalVista shares. The acquisition follows Chiesi’s strategy of pairing internal rare disease capabilities with targeted buyouts to expand its portfolio and commercial reach.
What’s next?
The transaction is expected to close in Q3 2026, subject to customary approvals and tender completion. After closing, Chiesi will take over responsibility for EKTERLY and use its rare disease infrastructure to scale the franchise globally.
What are people saying?
Jean-Marc Bellemin, Chiesi’s CFO and interim group CEO, said the deal brings together science, innovation and expertise to address rare disease unmet needs. Giacomo Chiesi said the acquisition is a strong strategic fit that expands Chiesi’s presence in rare immunology.