Chiesi Group Acquires KalVista Pharmaceuticals for $1.9 Billion

Chiesi Group entered a merger agreement on April 29, 2026, to acquire KalVista Pharmaceuticals, Inc. (KALV) in a deal valued at $1.9 billion.

Deal Structure:

Chiesi will commence a tender offer to acquire all outstanding shares of KalVista for $27 per share in cash, representing a premium of 40.33% from the stock’s last close.

Company Profile:

KalVista is a clinical-stage pharmaceutical company that develops small-molecule protease inhibitors, mainly targeting hereditary angioedema (HAE) and other diseases with unmet medical needs. It focuses on oral therapies, including sebetralstat, along with a pipeline of drug candidates across different stages of development.

Chiesi is a biopharmaceutical company that develops and markets treatments in respiratory health, rare diseases, and specialty care. It is headquartered in Parma, Italy, and operates globally with a focus on research and development.

Deal Details and Timeline:

The deal is expected to close in the third quarter of 2026.

Chiesi will take over responsibility for EKTERLY (sebetralstat), an oral medicine developed by KalVista to treat hereditary angioedema (HAE). Sebetralstat is also expected to help Chiesi reach its goal of €6 billion in revenue by 2030 and strengthen its presence in the United States market.

Sebetralstat blocks a protein called plasma kallikrein. It is the first oral treatment that can be taken when needed to manage HAE attacks in people aged 12 and above. The medicine has already been approved in major regions like the United States, the United Kingdom, the European Union, and Japan. Studies are ongoing to see if it can be used safely in children aged 2 to 11. After it was launched in the United States in July 2025, the drug was quickly adopted and generated $49 million in sales that year.

Centerview Partners and Jefferies served as financial advisors to KalVista, while Kirkland & Ellis and Fenwick & West provided legal counsel. For Chiesi, Lazard acted as financial advisor, and Ropes & Gray served as legal counsel.

Chiesi’s acquisition price represents a multiple of 19.52 times the sales for KalVista.

Deal Metrics:

For more in-depth details regarding this merger and acquisition transaction, please visit the Deal Metrics page here:

Deal Metrics for the acquisition of KalVista Pharmaceuticals, Inc. (KALV) by Chiesi Group

The Deal Metrics page for each merger or acquisition includes:

• A spread history chart of the merger from announcement through eventual completion or failure.
• Every event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
• News and SEC filings.
• A history of deal updates.
• And a whole lot more.

Disclaimer: Please conduct your own thorough research before buying or selling any securities mentioned in this article. We do not guarantee the completeness or accuracy of the content or data provided in this article.

Editor’s Note: Baranjot Kaur contributed to this article