Chiesi Group and KalVista Pharmaceuticals have entered into a definitive agreement under which Chiesi will acquire all outstanding shares of KalVista in an all-cash transaction. Under the terms of the agreement, a wholly owned subsidiary of Chiesi will commence a tender offer to purchase all KalVista common shares for $27.00 per share in cash, implying an equity value of approximately $1.9 billion at closing. The transaction has been unanimously approved by the boards of directors of both companies and is expected to close in the third quarter of 2026, subject to customary closing conditions, including the tender of at least a majority of KalVista’s outstanding shares and required regulatory approvals.
Following successful completion of the tender offer, Chiesi plans to acquire any remaining KalVista shares not tendered through a second-step merger at the same per-share cash consideration. The transaction is not subject to a financing condition.
Upon closing, Chiesi will assume responsibility for EKTERLY (sebetralstat), KalVista’s differentiated oral, on-demand treatment for hereditary angioedema (HAE). EKTERLY is positioned as the first oral, on-demand therapy for HAE attacks in KalVista’s portfolio and is expected to augment Chiesi’s global rare immunology franchise within its Chiesi Global Rare Diseases business unit. By combining KalVista’s HAE-focused innovation with Chiesi’s rare disease development and commercialization infrastructure, the transaction is intended to expand Chiesi’s presence in rare conditions and strengthen its long-term strategy in the space.
Chiesi stated that KalVista will become part of its Global Rare Diseases organization, which leads the group’s efforts in rare and ultra-rare conditions worldwide. KalVista’s pipeline and expertise in plasma kallikrein inhibition for HAE are expected to complement Chiesi’s existing rare disease portfolio and ongoing initiatives in rare immunology.
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