Italy-based Chiesi Group has agreed to acquire KalVista Pharmaceuticals in a deal valued at approximately $1.9 billion, securing access to the biotech’s oral hereditary angioedema (HAE) treatment, Ekterly. The transaction reflects Chiesi’s efforts to expand its rare disease portfolio, particularly within immunology.
Under the terms of the agreement, Chiesi will pay $27 per share in cash, representing a 36% premium over KalVista’s 30-day average share price. The acquisition, led by Chiesi’s global rare disease division, is expected to close in the third quarter of the year. According to the company, this represents its largest acquisition to date by value. Previously, in 2023, Chiesi acquired Amryt Pharma and its topical gel Filsuvez in a deal worth up to $1.25 billion upfront.
The acquisition provides Chiesi with Ekterly, which received approval from the U.S. Food and Drug Administration in July of last year. The drug is indicated for the treatment of acute HAE attacks in patients aged 12 years and older. It is described as the first oral, on-demand plasma kallikrein inhibitor available for this condition. Hereditary angioedema is a rare genetic disorder that leads to prolonged swelling episodes, which can be painful and, in some cases, life-threatening.
Existing therapies for HAE include injectable prophylactic treatments such as Ionis’ Dawnzera and CSL’s Andembry, which are administered regularly to prevent attacks. In contrast, Ekterly is designed to be taken as needed when symptoms arise, offering a different approach to disease management.
Following its approval, Ekterly generated $49.1 million in sales in 2025. The therapy has already been authorized in the United States, the European Union, and other markets. KalVista is also conducting clinical studies to evaluate its use in patients younger than 12 years.
Chiesi has stated that Ekterly is expected to play a role in achieving its strategic revenue target of €6 billion ($7 billion) by 2030. The company also anticipates that the addition of the therapy will strengthen its commercial presence in the United States.
“In HAE, patients continue to face significant unmet needs, and KalVista’s innovation meaningfully expands our presence in rare immunology by adding a differentiated, on-demand treatment option that can bring meaningful advancement in how the disease can be managed,” said Giacomo Chiesi, executive vice president for Chiesi Global Rare Diseases.
Analysts at RBC Capital Markets noted that the acquisition highlights strategic interest in oral treatments for HAE. They also indicated that, following the deal, Pharvaris and BioCryst Pharmaceuticals will remain among the smaller publicly traded biotech companies developing therapies for the condition, potentially increasing their relevance in future acquisition considerations.
RBC analysts also pointed to Pharvaris’ investigational drug deucrictibant, describing it as having a stronger clinical profile across key efficacy measures compared to Ekterly. Despite potentially entering the market later, they suggested that lower barriers for switching between oral therapies could allow the drug to gain market share.
Separately, analysts at Stifel characterized the transaction as a solid outcome for KalVista, noting that it provides an exit while avoiding risks associated with upcoming competitive developments in the HAE treatment landscape.
Strategic Impact for Chiesi
For Chiesi, this acquisition represents a significant portfolio transformation. By integrating KalVista, Chiesi enhances its presence in the rare disease segment, particularly in complement-mediated and inflammatory disorders.
Chiesi aims to leverage KalVista’s clinical expertise to strengthen its innovation pipeline. The addition of Ekterly aligns with Chiesi’s long-term strategy to build a diversified specialty pharma portfolio centered on high unmet medical needs.
Deal Expansion Overview: KalVista Acquisition for $1.9 Billion
The agreement to acquire KalVista Pharmaceuticals for approximately $1.9 billion represents a significant strategic consolidation in the rare disease therapeutics sector. The transaction is expected to reshape competitive dynamics in hereditary angioedema (HAE) treatment, particularly as demand grows for more convenient and patient-friendly therapies.
This move highlights a broader industry trend where mid-to-large pharmaceutical companies are actively investing in specialized biotech firms to strengthen late-stage pipelines and reduce reliance on traditional revenue streams.
Why KalVista Became a Strategic Target
KalVista has built a strong reputation in the rare disease space, focusing on targeted therapies for conditions with limited treatment options. Its most notable asset, Ekterly, an oral HAE therapy, stands out due to its potential to replace or complement injectable alternatives currently used by patients.
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