Chiesi Group and KalVista Pharmaceuticals have entered into a definitive agreement under which Chiesi will acquire KalVista. The transaction was unanimously approved by both Chiesi’s and KalVista’s Boards of Directors and is expected to close in Q3 2026, subject to the satisfaction of customary closing conditions.

Under the terms of the transaction, Chiesi will commence a tender offer to acquire all outstanding shares of KalVista for USD 27.00 per share in cash. The total value implied by the transaction at closing is approximately USD 1.9 billion. At Chiesi, initiatives in this area are spearheaded by Chiesi Global Rare Diseases, the Group’s business unit focused on research, development and commercialisation of therapies for rare and ultra-rare conditions.

The transaction is Chiesi’s most substantial acquisition to date in value terms and reflects the company's long-term ambitions, and represents an important milestone in its strategy in rare diseases, reinforcing its commitment across generations to improving the lives of people living with rare conditions.

Upon completion of the transaction, Chiesi will assume responsibility for EKTERLY (sebetralstat), a differentiated oral, on-demand treatment for hereditary angioedema (HAE), developed by KalVista, which addresses a significant unmet need for patients requiring effective and accessible therapies. By combining KalVista’s innovation with Chiesi’s Global Rare Diseases capabilities in Rare Immunology, the transaction aims to accelerate patient access and strengthen medical and scientific engagement, in line with Chiesi’s mission and strategic objectives. Sebetralstat is also expected to contribute to Chiesi’s 2030 strategic revenue target of €6 billion, while significantly expanding its commercial infrastructure and market presence in the US.

Jean-Marc Bellemin, CFO, Chiesi Group and Interim Group CEO (from May 15, 2026), said, “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.”

Sebetralstat is a novel plasma kallikrein inhibitor and the first oral, on-demand treatment for HAE attacks in adults and adolescents aged 12 years and older.

Giacomo Chiesi, Executive Vice President, Chiesi Global Rare Diseases, said, “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. We look forward to working with KalVista towards a successful closing of the transaction. From day one, our focus will be on working closely with the HAE community and the scientific community to improve disease management and ensure more patients can benefit from timely, effective treatment.”

The therapy is already approved in the US, UK, EU, Japan and other regions, with ongoing studies exploring its use for treating HAE attacks in children aged two to 11 years and multiple regulatory applications under review in key global markets. Following its launch in the US in July 2025, sebetralstat demonstrated strong market uptake, reaching USD 49 million in 2025 sales.

Ben Palleiko, CEO, KalVista said, “I am extremely proud of what KalVista has accomplished over the past decade in advancing solutions for the unmet needs of people living with rare disease. Following a thorough review of strategic opportunities, our Board determined that this transaction maximises shareholder value, delivering a meaningful all-cash premium to our shareholders. This transaction also reflects a shared long-term commitment to patients and a strong alignment in how we translate scientific innovation into meaningful impact. 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.”