Expanding Rare Disease Portfolio with HAE Treatment
Chiesi Group has announced an agreement to acquire KalVista Pharmaceuticals for approximately $1.9 billion. The deal, set to close in the third quarter of 2026, will see Chiesi pay $27.00 per share in cash. This represents a premium of 36 per cent over KalVista’s recent share price.
The acquisition will add KalVista's EKTERLY® (sebetralstat) to Chiesi’s rare immunology portfolio. This oral, on-demand therapy for hereditary angioedema (HAE) is already approved in several major markets, including the United States and Australia. Sebetralstat addresses a significant unmet need for patients requiring effective and accessible therapies.
Jean-Marc Bellemin, Chiesi Group’s CFO and Interim Group CEO, stated, "This acquisition supports our strategy to accelerate impact in rare diseases by bringing together science, innovation and expertise to address areas of highest unmet need."
Strategic Fit for Rare Diseases
Chiesi's acquisition of KalVista reflects its ambition to expand its presence in the global rare diseases market. The addition of sebetralstat aims to significantly contribute to Chiesi’s strategic revenue targets, while expanding its commercial infrastructure in the United States. Sebetralstat is expected to meaningfully contribute to Chiesi’s 2030 strategic revenue target of €6bn.
Giacomo Chiesi, Executive Vice President of Chiesi Global Rare Diseases, highlighted the strategic alignment, saying, "This acquisition is a strong strategic fit for our rare disease portfolio and reflects our commitment to people living with rare conditions."
The acquisition process involves a tender offer for all outstanding KalVista shares, with the transaction not subject to any financing conditions. Chiesi will commence this offer in accordance with the terms of the definitive agreement signed by both companies.
Pending regulatory approvals and other conditions, the companies anticipate completing the acquisition by the third quarter of 2026. This move is expected to enhance patient access and strengthen Chiesi's market presence in rare immunology. The transaction has already received unanimous approval from the Boards of Directors of both companies.
Chiesi's Global Rare Diseases unit spearheads initiatives in this area, focusing on the research, development, and commercialization of therapies for rare and ultra-rare conditions. By combining KalVista’s innovation with Chiesi’s capabilities, the acquisition aims to accelerate patient access and strengthen medical and scientific engagement.
