Pharmaceuticals

Chiesi, $1.9 billion deal to acquire KalVista

Offered EUR 27 per share, strengthened on rare diseases

29 April 2026

CHIESI FARMACEUTICI STABILIMENTO DI PARMA INDUSTRIA FARMACEUTICA

2' min read

Translated by AI

Versione italiana

2' min read

Translated by AI

Versione italiana

The International research-focused biopharmaceutical company Chiesi Group has signed a definitive agreement to acquire KalVista Pharmaceuticals for a total consideration of USD 1.9 billion. The transaction was unanimously approved by the boards of directors of both companies and is expected to close in the third quarter of 2026.

Chiesi is set to launch a $27 per share all-cash public offering to acquire the common shares of KalVista, which is listed on the Nasdaq. The total implied value of the Transaction is $1.9 billion, a 36% premium to KalVista's volume-weighted average share price over the past 30 days.

Completion of the Transaction is subject to conditions that include the acceptance of at least a majority of KalVista's outstanding ordinary shares in the offer, as well as obtaining the necessary regulatory approvals.

Following the completion of the Transaction, Chiesi will assume responsibility for EKTERLY (sebetralstat), an innovative oral, as-needed therapy for the treatment of hereditary angioedema (HAE), developed by KalVista and addressing an important unmet therapeutic need of patients requiring effective and affordable therapies.

Sebetralstat is also expected to make a significant contribution to Chiesi's strategic revenue target of EUR 6 billion by 2030, while supporting the expansion of the commercial infrastructure and strengthening the Group's presence in the US.

"This acquisition reinforces our strategy to accelerate impact in rare diseases by combining science, innovation and specialised expertise to address areas of high unmet medical need," said Jean-Marc Bellemin, CFO of the C Chiesi Group who will serve as interim CEO from 15 May. "KalVista's well-established discovery and development capabilities, combined with our global presence and industrial strength, will allow us to bring innovation to the benefit of more and more patients," he added.

Giacomo Chiesi, Executive Vice President, Chiesi Global Rare Diseases, emphasised that the acquisition "represents a clear strategic alignment with our portfolio in rare diseases and reflects our long-term commitment to people living with them. We look forward to a successful completion of the transaction with KalVista. From day one, our focus will be to work closely with the hereditary angioedema (HAE) community and the scientific community to improve disease management and ensure that more patients benefit from timely and effective treatments".

Ben Palleiko, CEO of KalVista, explained that the board of the New York-listed company believed the Transaction would maximise shareholder value by "offering a significant all-cash premium. This Transaction also reflects a shared, long-term commitment to patients, as well as a strong commonality of vision in translating scientific innovation into concrete and meaningful impact. We are convinced that, thanks to Chiesi's global infrastructure, expertise andlong-term commitment to rare diseases, access to sebetralstat can be further expanded worldwide'.