2 Trillion Won Rare Disease Oral Emergency Treatment Company Acquired by Global Pharmaceutical Firm

KalVista Pharmaceuticals, Inc. (NASDAQ: KALV) has agreed to be acquired in an all-cash transaction by Italy’s Chiesi Group at $27 per share, implying an enterprise value of approximately $1.9 billion (roughly KRW 2.6 trillion). The deal, unanimously approved by both companies’ boards, will proceed through a tender offer followed by a merger, without any financing condition and with a target closing in the third quarter of 2026. Upon closing, KalVista will become a wholly owned subsidiary of Chiesi, which will assume the rights to—and U.S. commercialization of—EKTERLY, KalVista’s hereditary angioedema therapy.

Today, a Chiesi special purpose vehicle filed a Schedule TO-T with the U.S. Securities and Exchange Commission to formalize the $27-per-share cash tender offer. Earlier, KalVista underscored the value of its product portfolio when EKTERLY was recommended in international pediatric and adolescent guidelines as the first-line, on-demand emergency treatment for hereditary angioedema in patients aged 12 and older.

KalVista is a biotechnology company focused on developing and commercializing oral therapies for hereditary angioedema and related rare diseases. EKTERLY is the first FDA-approved oral, on-demand treatment for hereditary angioedema. Although the hereditary angioedema market serves a relatively small patient population, it is characterized by high treatment costs and the need for long-term management, fitting squarely within the rare-disease sector. Through this acquisition, Chiesi aims to bolster its rare-disease portfolio and strengthen its U.S. rare-disease business platform.