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Italian pharma group Chiesi will acquire US-listed KalVista Pharmaceuticals in an all-cash deal valued at about $1.9 billion. The acquisition, the largest in Chiesi's history, includes a tender offer for all outstanding KalVista shares at $27 per share, a 40% premium to the last closing price.
The transaction strengthens Chiesi's rare diseases strategy and expands its commercial footprint in the United States. KalVista brings EKTERLY (sebetralstat), an oral, on-demand treatment for hereditary angioedema (HAE), to Chiesi's portfolio. The drug is central to Chiesi's plan to reach €6 billion in revenue by 2030, up from €3.6 billion in 2025.
Chiesi CFO Jean-Marc Bellemin said the acquisition supports the group's strategy to accelerate impact in rare diseases by combining science, innovation, and expertise. The deal was unanimously approved by both boards and is expected to close in Q3 2026, pending regulatory approvals.
Lazard is advising Chiesi, while Centerview Partners advises KalVista.