Italian pharma group Chiesi to buy US peer KalVista for $1.9 billion

MILAN, April 29 – Italian pharma company Chiesi Group will buy U.S.-listed KalVista Pharmaceuticals in an all-cash deal valued at about $1.9 billion, the two companies said in a joint statement on Wednesday.

The deal, marking the largest acquisition in the family-owned group’s history, will see Chiesi launch a tender offer to buy all outstanding KalVista shares for $27 per share in cash, representing a premium of about 40% to KalVista’s last closing price.

Shares of KalVista jumped more than 38% in premarket trading, following the announcement.

The boards of both companies have unanimously approved the transaction, which is expected to close in the third quarter of 2026, subject to regulatory approvals and other customary conditions, Chiesi and KalVista said.

The Italian group said the deal would strengthen its rare diseases strategy, expand its commercial footprint in the United States, and reflect its long-term ambition to expand its portfolio in rare immunology.

It said that EKTERLY® (sebetralstat), KalVista’s oral, on-demand treatment for hereditary angioedema (HAE), would help Chiesi meet its 2030 revenue target of 6 billion euros, from 3.6 billion euros in 2025.

“This acquisition supports our strategy to accelerate impact in rare diseases by bringing together science, innovation and expertise,” Chiesi Chief Financial Officer Jean-Marc Bellemin said. Lazard is advising Chiesi on the deal, while Centerview Partners is acting as financial adviser to KalVista.

(Reporting by Giancarlo Navach; additional reporting by Kamal Choudhury; editing by Alvise Armellini and Louise Heavens)