Chiesi Group Acquires KalVista Pharmaceuticals for $1.9 Billion
Chiesi Group has completed its acquisition of KalVista Pharmaceuticals, bringing aboard the first and only oral, on-demand treatment for hereditary angioedema (HAE) and marking the Italian biopharmaceutical group's largest deal to date.
The transaction, announced on 29 April 2026 and unanimously approved by both companies' boards, valued KalVista at approximately $1.9 billion, with Chiesi acquiring all outstanding shares at $27.00 per share in cash — a 36% premium to KalVista's 30-day volume-weighted average share price ahead of the announcement.
The deal closed on 11 June 2026, with Chiesi accepting payment for approximately 77.8% of KalVista's outstanding shares tendered through its offer, then completing the acquisition via a merger of a wholly owned subsidiary with KalVista. KalVista's common stock has ceased trading on the Nasdaq Global Market.
Jean-Marc Bellemin, Chiesi Group’s CFO, and Interim Group CEO (from 15 May 2026), said: “This acquisition supports our strategy to accelerate impact in rare diseases by bringing together science, innovation and expertise to address areas of highest unmet need. KalVista’s proven drug discovery and development capabilities, combined with our global footprint and operational excellence, will enable us to deliver innovation to patients at greater scale.”
Giacomo Chiesi, Executive Vice President, Chiesi Global Rare Diseases, said: “This acquisition is a strong strategic fit for our rare disease portfolio and reflects our commitment to people living with rare conditions. 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. We look forward to working with KalVista towards a successful closing of the Transaction. From day one, our focus will be on working closely with the HAE community and the scientific community to improve disease management and ensure more patients can benefit from timely, effective treatment.”
Ben Palleiko, CEO of KalVista, said: “I am extremely proud of what KalVista has accomplished over the past decade in advancing solutions for the unmet needs of people living with rare disease. Following a thorough review of strategic opportunities, our Board determined that this Transaction maximizes shareholder value, delivering a meaningful all-cash premium to our shareholders. This Transaction also reflects a shared long-term commitment to patients and a strong alignment in how we translate scientific innovation into meaningful impact. With Chiesi’s global infrastructure, commercial capabilities and long-term commitment to rare diseases, we are confident in their ability to help expand access to sebetralstat for people living with HAE around the world.”
