Chiesi Inks $1.9B Deal for KalVista, Acquiring Groundbreaking Oral Drug for Rare Disease

PARMA, Italy & FRAMINGHAM, Mass. – April 29, 2026 – In a landmark move poised to reshape the rare disease landscape, Italian biopharmaceutical firm Chiesi Group announced today it will acquire KalVista Pharmaceuticals in an all-cash transaction valued at approximately $1.9 billion. The deal, Chiesi's largest to date, centers on gaining control of EKTERLY® (sebetralstat), a first-of-its-kind oral, on-demand treatment for the debilitating genetic condition hereditary angioedema (HAE).

The acquisition, unanimously approved by both companies' boards of directors, will see Chiesi pay $27.00 per share for all outstanding shares of KalVista. The price represents a significant 36% premium over KalVista’s 30-day volume-weighted average share price as of April 28, 2026. The transaction is expected to close in the third quarter of 2026, pending regulatory approvals and other customary conditions.

A Strategic Leap into Rare Disease Leadership

For Chiesi, a 90-year-old family-owned company and certified B Corp, this acquisition is more than just its most substantial financial investment; it is a bold declaration of its ambition to become a dominant force in the rare disease sector. The company's global rare disease unit has been a key growth driver, with sales surging 22.3% in 2025 to reach €906 million. The addition of sebetralstat is expected to be a major contributor to Chiesi’s strategic goal of achieving €6 billion in revenue by 2030.

This move builds on a pattern of strategic investments, including the 2023 acquisition of Amryt Pharma, and solidifies Chiesi’s focus on rare immunology. With a strong balance sheet and a net financial position of €729 million at the end of 2025, Chiesi is leveraging its financial strength to acquire innovative, high-value assets.

“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,” said Jean-Marc Bellemin, Chiesi Group’s CFO and Interim Group CEO. “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.”

Giacomo Chiesi, Executive Vice President of Chiesi Global Rare Diseases, emphasized the patient-centric rationale. “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.”

A New Era for Hereditary Angioedema Patients

Hereditary angioedema affects approximately 1 in 50,000 people worldwide, causing unpredictable, painful, and potentially life-threatening swelling attacks. For decades, patients managing acute attacks have relied on injectable therapies, a burdensome process often requiring assistance and causing significant disruption to daily life. The introduction of EKTERLY® (sebetralstat) marks a paradigm shift in HAE care.

As the first and only oral, on-demand treatment, sebetralstat directly addresses a major unmet need within the HAE community. The drug, a novel plasma kallikrein inhibitor, allows patients to treat attacks quickly and conveniently without the pain and logistical challenges of injections. This innovation has already proven its commercial value, with a strong market launch in the U.S. in July 2025 leading to $49 million in sales for the year. KalVista reported impressive Q4 2025 sales of $35 million, far exceeding analyst expectations.

Chiesi’s extensive global infrastructure is expected to dramatically accelerate access to sebetralstat for patients around the world. The therapy is already approved in the United States, European Union, United Kingdom, and Japan, with ongoing studies exploring its use in children as young as two years old. By integrating the drug into its global rare disease portfolio, Chiesi aims to make this transformative oral therapy a foundational part of HAE management worldwide, improving quality of life for thousands of patients.

Biotech M&A Heats Up as Rare Disease Assets Command Premiums

The Chiesi-KalVista deal is a powerful indicator of the current biopharmaceutical M&A climate, where innovative, de-risked assets in the rare disease space command significant premiums. The global HAE market alone is projected to grow from approximately $5.6 billion in 2024 to nearly $20 billion by 2032, making it a highly attractive target for investment.

For KalVista shareholders, the $1.9 billion all-cash offer provides a substantial and immediate return. The news sent KalVista’s stock (NASDAQ: KALV) soaring over 38% in trading on April 29. While the stock had fallen significantly since its 2015 IPO, the acquisition validates the company's decade-long focus on developing a life-changing therapy.

“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,” stated Ben Palleiko, CEO of KalVista. “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.”

The transaction underscores a broader industry trend: large pharmaceutical companies are willing to pay top dollar to acquire smaller biotechs with proven, patient-preferred therapies that can quickly contribute to revenue and fill strategic gaps in their portfolios.

Navigating the Path to Integration and Global Access

With the transaction expected to close later this year, Chiesi will begin the complex process of integrating KalVista's operations and significantly expanding its own commercial footprint, particularly in the United States. The company will assume responsibility for ongoing regulatory filings, including efforts to expand sebetralstat's approval for pediatric patients, a critical step in making it a comprehensive treatment option.

The ultimate success of the acquisition will be measured not only in financial returns but also in delivering on the promise of expanded global patient access. Navigating the complex web of international pricing and reimbursement systems for high-cost orphan drugs will be a formidable challenge. However, as a B Corp committed to social and environmental impact, Chiesi has publicly tied its corporate mission to improving patient lives. The acquisition of KalVista and its transformative oral therapy provides a clear opportunity to demonstrate that commitment on a global scale.