Chiesi Group agreed on 29 April to acquire KalVista Pharmaceuticals for $27.00 per share in cash, an equity consideration of about $1.9bn.
Why Chiesi Farmaceutici S.p.A. is buying KalVista Pharmaceuticals, Inc.
Chiesi said the deal supports its strategy of accelerating impact in rare diseases and expands its presence in rare immunology. KalVista's EKTERLY is the first oral, on-demand treatment for hereditary angioedema attacks in patients aged 12 and older and is approved in the US, UK, EU, Japan and other markets.
Deal terms and financing
Chiesi offered $27.00 per share through a tender offer, a 36% premium to KalVista's 30-day volume-weighted average share price as of 28 April, followed by a merger at the same price. The deal was not subject to a financing condition.
Regulatory approvals and timing
Chiesi completed the tender offer on 11 June 2026, with about 77.8% of KalVista's shares tendered, and closed the merger the same day, ahead of the third-quarter timetable set at announcement.
Market context
EKTERLY generated $49m of sales in 2025 after its US launch, according to Pharmaceutical Technology, which reported that Chiesi described the deal as the largest acquisition in its 90-year history.
