Chiesi Group, an Italy-based, family-controlled, international research-focused biopharmaceutical group and certified B Corp, is acquiring Nasdaq-listed KalVista Pharmaceuticals, a global pharmaceutical company focused on addressing the critical unmet needs of those living with hereditary angioedema (HAE).
Chiesi will offer to acquire all outstanding shares of KalVista for US$27.00 per share in cash, which represents a 36% premium to KalVista’s 30-day VWAP, representing an equity consideration of approximately US$1.9bn. Shares began the year trading at US$16.18.
The transaction is Chiesi’s most substantial acquisition to date and represents an important milestone in its Rare Diseases strategy. 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.
“This acquisition is a strong strategic fit for our rare disease portfolio and reflects our commitment to people living with rare conditions,” said Giacomo Chiesi, executive vice president, Chiesi Global Rare Diseases.
Upon completion, Chiesi will assume responsibility for Ekterly (sebetralstat), a differentiated oral, on demand treatment for HAE. The transaction aims to accelerate patient access and strengthen medical and scientific engagement.
“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 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.”
Sebetralstat is also expected to meaningfully contribute to Chiesi’s 2030 strategic revenue target of €6bn, while expanding its commercial infrastructure and market presence in the US.
“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,” said Ben Palleiko, CEO of KalVista.
Following its July 2025 launch in the US, Ekterly demonstrated strong market US$49m in 2025 sales. Its German launch is exhibiting similar characteristics to the US launch as adoption, utilisation, and growth continue to build, according to KalVista and it was launched in Japan through Kaken Pharmaceutical. Ekterly is the first and only oral on-demand therapy available in Japan.
Lazard is exclusive financial advisor and Ropes & Gray is legal advisor to Chiesi. Centerview Partners is financial advisor to KalVista and Kirkland & Ellis and Fenwick & West are as legal advisors. Jefferies also provided financial advice to KalVista.
Press release: Chiesi Group to Acquire KalVista Pharmaceuticals, Expanding its Global Rare Disease Portfolio | KalVista Pharmaceuticals