Chiesi Group has entered into a definitive agreement to acquire KalVista Pharmaceuticals, marking a significant step in strengthening its rare disease portfolio. Announced on 29 April 2026, the transaction will see Chiesi acquire all outstanding shares of KalVista for $27.00 per share in cash, valuing the deal at approximately $1.9bn. The agreement, unanimously approved by both companies’ Boards of Directors, is expected to close in Q3 2026, subject to customary closing conditions. This move represents Chiesi’s largest acquisition to date and reinforces its strategic focus on advancing therapies for rare and ultra-rare conditions.
Under the terms of the deal, Chiesi will integrate KalVista’s capabilities into its operations, particularly through Chiesi Global Rare Diseases, the group’s dedicated unit for developing and commercialising treatments in this space. The acquisition brings EKTERLY® (sebetralstat) into Chiesi’s portfolio—an oral, on-demand therapy for hereditary angioedema (HAE). The addition of this treatment strengthens the company’s rare disease portfolio by addressing a critical unmet need for accessible and effective HAE therapies, while also expanding its commercial footprint in the United States and other global markets.
Sebetralstat, a plasma kallikrein inhibitor, is the first oral, on-demand treatment approved for HAE attacks in patients aged 12 years and older. The therapy has already secured approvals across multiple regions, including the United States, United Kingdom, European Union, and Japan. Following its U.S. launch in July 2025, the treatment generated $49M in sales during 2025, reflecting early market uptake. Ongoing studies are evaluating its use in younger patients aged 2 to 11, with additional regulatory applications currently under review.
Jean-Marc Bellemin, Chiesi Group’s CFO, and Interim Group CEO (from 15 May 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.”
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.”
