Italian Pharma Chiesi to Acquire US KalVista for $1.9 Billion

• Chiesi will launch a tender offer at $23 per share, representing a premium to KalVista's $19.24 closing price on Tuesday
• The acquisition brings EKTERLY (sebetralstat), an oral on-demand treatment for hereditary angioedema, which will help Chiesi reach its 2030 revenue targets from a 2025 base of 3.6 billion euros
• Both companies' boards have unanimously approved the transaction, with Lazard advising Chiesi and Centerview Partners advising KalVista

Italian Pharma Chiesi to Acquire US KalVista for $1.9 Billion

Italian pharmaceutical company Chiesi Group announced an all-cash acquisition of U.S.-listed KalVista Pharmaceuticals for approximately $1.9 billion, marking the family-owned company's largest acquisition to date. Chiesi will launch a tender offer at $30 per share for all outstanding KalVista stock, representing a significant premium to KalVista's Tuesday closing price of $19.24 on Nasdaq.

Key Transaction Details:

• Deal value: $1.9 billion (all-cash)
• Offer price: $30 per share
• Expected closing: Q3 2026
• Both boards have unanimously approved the transaction
• Subject to regulatory approvals and customary conditions

Strategic Rationale:

The acquisition strengthens Chiesi's rare diseases strategy and expands its U.S. commercial presence, particularly in rare immunology. The centerpiece of the deal is KalVista's EKTERLY® (sebetralstat), an oral, on-demand treatment for hereditary angioedema (HAE). Chiesi expects this addition to help achieve its 2030 revenue target, building from €3.6 billion in 2025.

Advisors:

• Lazard advising Chiesi
• Centerview Partners advising KalVista

Market Implications:

This transaction reflects continued consolidation in the rare disease pharmaceutical sector, with larger players acquiring specialized biotechs to bolster portfolios. The substantial premium offered (approximately 56% above closing price) demonstrates strong strategic value in rare disease assets. The deal positions Chiesi for expanded U.S. market access and accelerates its growth trajectory in the high-value rare diseases segment.