By Giancarlo Navach
MILAN, April 29 – Italy’s family-owned Chiesi Group will buy U.S.-listed KalVista Pharmaceuticals in an all-cash deal valued at about $1.9 billion, the two companies said on Wednesday.
The Italian group said the deal would strengthen its rare diseases strategy, expand its U.S. commercial footprint and reflect its long-term ambition to expand in rare immunology.
Under the deal, the largest acquisition in Chiesi’s history, it will launch a tender cash offer to buy all outstanding KalVista shares for $27 each, representing a premium of about 40% to the U.S. company’s last closing price.
KalVista’s shares jumped 39% following the announcement in a joint statement by Chiesi and KalVista.
The boards of both companies have unanimously approved the deal, which is expected to close in the third quarter of 2026, subject to regulatory approvals and other customary conditions.
The deal will be financed with cash Chiesi has earmarked and debt, a source close to the company told Reuters.
Chiesi, which had a positive net financial position of 729 million euros at the end of 2025, said that EKTERLY® (sebetralstat), KalVista’s oral, on-demand treatment for hereditary angioedema (HAE), would help it 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,” said Chiesi interim CEO and finance director Jean-Marc Bellemin.
Lazard is advising Chiesi, while Centerview Partners is acting as financial adviser to KalVista.
(additional reporting by Kamal Choudhury; editing by Alvise Armellini, Louise Heavens, Gianluca Semeraro and Alexander Smith)
