Chiesi Group to acquire KalVista Pharmaceuticals for $1.9 billion, gaining global rights to oral HAE therapy Sebetralstat.
Written By: Samiksha Jadhav, BPharm
Reviewed By: Pharmacally Editorial Team
Chiesi Group has entered into a definitive agreement to acquire KalVista Pharmaceuticals in a deal valued at approximately $1.9 billion, marking the largest acquisition in Chiesi’s history and a significant expansion of its rare disease portfolio.
Under the agreement, Chiesi Group will launch a tender offer to purchase all outstanding KalVista shares at $27.00 per share in cash, representing a 36% premium to the company’s 30-day volume-weighted average share price as of April 28, 2026. The transaction has been unanimously approved by both companies’ boards and is expected to close in the third quarter of 2026, subject to regulatory approvals and customary conditions.
The acquisition strengthens Chiesi’s focus on rare and ultra-rare diseases through its Global Rare Diseases unit. A key asset in the deal is EKTERLY® (sebetralstat), an oral, on-demand therapy for Hereditary Angioedema (HAE), developed by KalVista.
Sebetralstat is a novel plasma kallikrein inhibitor and the first oral treatment designed for on-demand use during HAE attacks in patients aged 12 years and older. The therapy is approved across major markets, including the United States, European Union, United Kingdom, and Japan. Following its U.S. launch in July 2025, it generated $49 million in sales within the same year, indicating early commercial uptake.
Ongoing studies are evaluating sebetralstat in younger pediatric populations aged 2 to 11 years, with additional regulatory submissions under review globally. The drug is expected to contribute to Chiesi’s long-term revenue target of €6 billion by 2030 while expanding its commercial footprint in the United States.
Company leadership highlighted the strategic alignment of the acquisition. Jean-Marc Bellemin, CFO and incoming interim CEO of Chiesi, stated that the deal supports the company’s goal to scale innovation in rare diseases by combining KalVista’s research capabilities with Chiesi’s global infrastructure. Giacomo Chiesi, head of the Global Rare Diseases unit, emphasized that the addition of an oral, on-demand treatment addresses persistent unmet needs in HAE management and strengthens the company’s position in rare immunology.
From KalVista’s perspective, CEO Ben Palleiko noted that the agreement delivers a cash premium to shareholders while ensuring continued development and broader access to sebetralstat through Chiesi’s global capabilities.
HAE is a rare genetic disorder caused by deficiency or dysfunction of the C1 esterase inhibitor, leading to recurrent episodes of severe swelling that can be life-threatening. Early treatment of attacks is recommended to reduce severity and duration, highlighting the importance of accessible and rapidly acting therapies.
Overall, the transaction positions Chiesi to expand its rare disease portfolio and global reach, while advancing access to a differentiated oral therapy in a space historically dominated by injectable treatments.
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About the Writer
Samiksha Vikram Jadhav is a B. Pharm graduate with a strong academic foundation in pharmaceutical sciences, pharmacology, and drug development. She specializes in pharma market research, with a focused interest in mergers and acquisitions, strategic partnerships, and global pharma and biotech deals. Her work centers on analyzing industry transactions, market positioning, and business strategies, translating complex developments into clear, accurate, and insightful scientific and commercial reporting.
