Chiesi to acquire KalVista Pharmaceuticals for $1.9 billion

Chiesi Group announced it will acquire KalVista Pharmaceuticals Inc. (NASDAQ: KALV) for $27.00 per share in cash, representing total equity consideration of approximately $1.9 billion.

The transaction, unanimously approved by both companies' boards of directors, is expected to close in the third quarter of 2026, subject to customary closing conditions including regulatory approvals and the tender of at least a majority of outstanding KalVista shares.

The acquisition will add EKTERLY (sebetralstat) to Chiesi's rare disease portfolio. Sebetralstat is an oral, on-demand treatment for hereditary angioedema attacks in adults and adolescents aged 12 years and older. The therapy is approved in the United States, United Kingdom, European Union, Japan and other regions.

Following its U.S. launch in July 2025, sebetralstat generated $49 million in sales for 2025. The drug is currently under regulatory review in additional global markets, with ongoing studies exploring its use in children aged 2 to 11.

The $27.00 per share offer price represents a 36% premium to KalVista's 30-day volume-weighted average share price as of April 28, 2026. The transaction is not subject to any financing condition.

Chiesi will conduct the acquisition through a tender offer via a wholly owned subsidiary. If successful, the company will acquire remaining shares through a second-step merger at the same price.

Lazard serves as financial advisor to Chiesi, while Centerview Partners LLC advises KalVista. The acquisition represents Chiesi's largest transaction to date by value.

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