Chiesi Group said it will buy KalVista Pharmaceuticals for $27.00 a share in cash, valuing the deal at about $1.9 billion and giving KalVista shareholders a 36% premium to the company’s 30-day volume-weighted average share price as of April 28, 2026.
The acquisition would be Chiesi’s largest to date by value. The company said the deal is expected to close in the third quarter of 2026.
KalVista’s lead asset, Ekterly (sebetralstat), generated $49 million in sales in 2025 after launching in the U.S. in July 2025. Chiesi said the drug is expected to contribute to its 2030 revenue target of €6 billion.
Under the agreement, Chiesi will launch a tender offer for all outstanding KalVista shares at $27.00 each in cash, and if completed, will follow with a second-step merger at the same price. The transaction is not subject to a financing condition. The tender offer requires at least a majority of KalVista’s outstanding shares to be tendered, along with regulatory approvals and other customary closing conditions.
The deal adds the first oral, on-demand treatment for hereditary angioedema to Chiesi’s rare disease portfolio. Sebetralstat is already approved in the U.S., U.K., European Union, Japan, Switzerland, Australia and Singapore, with additional filings planned or under review in other markets. Chiesi said the acquisition expands its rare immunology presence and strengthens its commercial footprint in the United States. The market has reacted to these announcements by moving the company's shares 2.88% to a price of $19.63. Check out the company's full 8-K submission here.
