Chiesi to Buy KalVista for $1.9B at 36% Premium
KALV•Chiesi will acquire KalVista Pharmaceuticals for $1.9bn at $27 per share, a 36% premium, closing in Q3 2026. KalVista’s FDA-approved HAE pill Ekterly generated $49m in 2025 sales and adds an on-demand treatment to Chiesi’s Rare Diseases unit.
1. Deal Terms
Chiesi will acquire KalVista for $1.9bn, paying $27 per share, representing a 36% premium to the stock price on April 28. The deal is expected to close in Q3 2026 after securing necessary regulatory approvals.
2. Ekterly and HAE Treatment
The centerpiece of the acquisition is Ekterly (sebetralstat), an FDA-approved on-demand oral therapy for hereditary angioedema that generated $49m in 2025 sales. Ekterly offers symptomatic relief post-attack, differing from daily prophylactic injections.
3. Financial Outlook
Chiesi anticipates that integrating Ekterly into its Global Rare Diseases unit will help achieve its €6bn ($7bn) revenue target by 2030. The deal strengthens Chiesi’s HAE portfolio alongside recently approved injectable treatments.
4. Strategic Rationale
This acquisition marks Chiesi’s largest-ever deal and bolsters its rare immunology pipeline with a differentiated product. It underscores the company’s commitment to expanding treatment options and building scale in high-value rare diseases.
