Chiesi to Acquire KalVista in $1.9B Rare Disease Deal

PARMA, ITALY & FRAMINGHAM, MASSACHUSETTS, April 29, 2026

Chiesi Group has announced a definitive agreement to acquire KalVista Pharmaceuticals in a transaction valued at approximately $1.9 billion, marking a significant expansion of its global rare disease portfolio. Under the terms of the agreement, Chiesi will acquire all outstanding shares of KalVista for $27.00 per share in cash, representing a substantial premium and reinforcing its strategic commitment to rare immunology and underserved patient populations. The acquisition, expected to close in Q3 2026, will bring KalVista’s innovative therapies, including the first oral, on-demand treatment for hereditary angioedema (HAE), into Chiesi’s growing portfolio of specialty biopharmaceutical products.

Expanding Rare Disease Portfolio with Innovative HAE Therapy

At the center of the acquisition is EKTERLY® (sebetralstat), a novel plasma kallikrein inhibitor developed by KalVista and recognized as the first oral, on-demand therapy for hereditary angioedema attacks. HAE is a rare genetic disorder characterized by recurrent, potentially life-threatening swelling episodes, requiring rapid and effective treatment.

Unlike traditional injectable therapies, sebetralstat offers a non-invasive oral alternative, significantly improving patient convenience, adherence, and quality of life. The therapy has already been approved in multiple global markets, including the United States, European Union, and Japan, and has demonstrated strong commercial uptake, generating approximately $49 million in sales in 2025. This acquisition enables Chiesi to leverage its global infrastructure and commercialization capabilities to expand access to this innovative therapy and strengthen its leadership in rare immunology therapeutics.

Strategic Growth Through Biopharma M&A

The transaction represents Chiesi’s largest acquisition to date, reflecting its long-term strategy to accelerate growth through targeted investments in rare diseases. By integrating KalVista’s drug discovery expertise and clinical development capabilities, Chiesi aims to enhance its research, development, and commercialization pipeline, particularly in areas with high unmet medical need.

The acquisition also aligns with broader industry trends, where biopharmaceutical companies are increasingly pursuing strategic mergers and acquisitions (M&A) to expand therapeutic portfolios and drive innovation. From a financial perspective, the deal is expected to contribute significantly to Chiesi’s 2030 revenue target of €6 billion, while strengthening its presence in the U.S. pharmaceutical market, one of the largest and most competitive healthcare markets globally.

Advancing Innovation and Global Access in Rare Diseases

Beyond financial and strategic benefits, the acquisition underscores a shared commitment to improving patient outcomes in rare diseases, where treatment options are often limited. Chiesi’s Global Rare Diseases division will play a key role in ensuring equitable access to therapies, collaborating with healthcare providers, patient advocacy groups, and regulatory authorities to optimize disease management and treatment availability.

From a GxP perspective, the integration of KalVista’s assets will require adherence to Good Manufacturing Practice (GMP) and Good Clinical Practice (GCP) standards, ensuring that all products meet rigorous quality, safety, and efficacy requirements. Additionally, ongoing clinical studies exploring expanded indications for sebetralstat, including pediatric use, highlight the continued commitment to innovation and lifecycle management. As the transaction progresses toward completion, the combined expertise of Chiesi and KalVista is expected to drive advancements in rare disease therapeutics, delivering innovative, patient-centered solutions and setting new benchmarks in the biopharmaceutical industry.

Source: Chiesi Group, KalVista Pharmaceuticals press release