Rare Disease New Drug Holder Acquired for $1.9 Billion in Cash

KalVista Pharmaceuticals, Inc. (NASDAQ: KALV) has agreed to be acquired by Italy’s Chiesi Group in a cash tender offer of $27.00 per share. The purchase values KalVista at approximately $1.9 billion (about ₩2.6 trillion), and both companies’ boards of directors have unanimously approved the transaction. Following a successful tender offer, the deal is expected to close via a subsequent merger by the third quarter of 2026, with no financing conditions attached.

Chiesi’s subsidiary, Skyline Merger Sub, launched the tender offer on May 13, and it will remain open for stockholder elections through 12:01 a.m. Eastern Time on June 10. Meanwhile, certain U.S. shareholder rights law firms, including KSF, have announced they are reviewing the fairness of the $27 per share price and the offer process, hinting at possible litigation by KalVista investors.

KalVista is a rare-disease biotech company known for EKTERLY, the first oral on-demand therapy for hereditary angioedema attacks. Upon closing, EKTERLY and KalVista’s other assets will join Chiesi’s rare-disease portfolio. Oral treatments for rare diseases command premium pricing and attract intense acquisition interest from global pharmaceutical firms. With this acquisition, Chiesi aims to bolster its U.S. rare-disease and immunology business and strengthen its long-term revenue growth foundation.