FRAMINGHAM, Mass. — Chiesi Group has agreed to acquire KalVista Pharmaceuticals in a deal valued at approximately $1.9 billion, expanding its presence in rare diseases and immunology.
Under the terms of the agreement, Chiesi will launch a tender offer to purchase all outstanding KalVista shares for $27.00 per share in cash. The transaction, which has been unanimously approved by both companies’ boards, is expected to close in the third quarter of 2026, subject to regulatory approvals and other customary conditions.
The acquisition marks Chiesi’s largest deal to date and strengthens its rare disease portfolio by adding a first-in-class oral, on-demand therapy for hereditary angioedema, a rare genetic condition characterized by severe swelling episodes.
Following completion of the transaction, Chiesi will take over commercialization of EKTERLY (sebetralstat), a plasma kallikrein inhibitor developed by KalVista. The therapy is approved in the United States, United Kingdom, European Union and Japan, and is designed to provide a more accessible treatment option for patients managing acute attacks.
Sebetralstat generated $49 million in sales in 2025 after its U.S. launch and is expected to play a role in supporting Chiesi’s long-term revenue targets while expanding its footprint in the U.S. market.
“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 chief financial officer and incoming interim chief executive officer.
Giacomo Chiesi, executive vice president of Chiesi Global Rare Diseases, said the deal aligns with the company’s strategy to expand its rare immunology portfolio. “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,” he said.
KalVista CEO Ben Palleiko said the agreement followed a review of strategic alternatives and delivers value to shareholders while ensuring continued development and access to its therapies. “This transaction also reflects a shared long-term commitment to patients and a strong alignment in how we translate scientific innovation into meaningful impact,” he said.
Chiesi’s rare disease efforts are led by its Global Rare Diseases unit, which focuses on therapies for rare and ultra-rare conditions. The company said the acquisition will help accelerate patient access to innovative treatments and strengthen engagement with the scientific and medical communities.
Advisors on the transaction include Lazard and Ropes & Gray for Chiesi, and Centerview Partners, Kirkland & Ellis, Fenwick & West and Jefferies for KalVista.
