Rare Disease Treatment Developer Agrees to Acquisition at 36% Premium

KalVista Pharmaceuticals, Inc. (KALV) has agreed to be acquired by Italy’s Chiesi Group in an all-cash tender offer of $27 per share, valuing the company at approximately $1.9 billion (about KRW 2.6 trillion). The transaction, unanimously approved by both companies’ boards, carries no financing conditions and is expected to close in the third quarter of 2026, subject to the tender of a majority of shares and regulatory approvals. Upon closing, KalVista will become a wholly owned subsidiary of Chiesi, and EKTERLY (sebetralstat)—the first oral on-demand treatment for acute attacks of hereditary angioedema—will transfer to Chiesi’s rare disease portfolio as a core asset in its strategy to achieve 2030 revenue targets, while also supporting the expansion of Chiesi’s U.S. commercial organization.

KalVista recently received U.S. Food and Drug Administration approval for EKTERLY and has since obtained marketing authorizations in the European Union, the United Kingdom, Switzerland and Japan. EKTERLY has also been recommended as the first-line treatment for acute attacks in adolescents aged 12 and older in pediatric hereditary angioedema guidelines, further broadening its prescribing scope.

Based in the United States, KalVista is a biopharmaceutical company focused on the development and commercialization of oral therapies for rare diseases such as hereditary angioedema. Centered on EKTERLY, the company has built a strong presence in the global rare disease market.