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Italian Drugmaker to Buy KalVista for $1.9 Billion

By  |  April 29, 2026

Italian pharmaceutical company Chiesi Farmaceutici SpA has agreed to acquire U.S.-listed KalVista Pharmaceuticals Inc. in a deal valued at approximately $1.9 billion, marking the largest acquisition in Chiesi’s history and signaling a strategic push into rare immunology treatments.

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    The Parma-based firm will initiate a tender offer to purchase all outstanding shares of KalVista at $27 per share in cash, following approval from the boards of both companies, according to Reuters. The offer represents a roughly 40% premium to KalVista’s previous closing price, according to Bloomberg, and prompted a sharp market reaction, with KalVista shares climbing as much as 39% on Wednesday to their highest level since mid-2021.

    The acquisition aligns with Chiesi’s long-term growth strategy in rare diseases. “Rare diseases is an area where we want to keep growing,” said Giacomo Chiesi, executive vice president of Chiesi Global Rare Diseases. “Within rare diseases, our plan is to expand in the area of immune deficiencies.”

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    KalVista recently secured U.S. regulatory approval for a treatment targeting hereditary angioedema, a rare genetic condition. According to Bloomberg, Chiesi believes the addition of KalVista’s therapies will significantly contribute to its ambition of reaching €6 billion ($6.4 billion) in revenue by 2030.

    The deal will be financed through a combination of cash and debt, though specific details have not yet been disclosed. Completion of the transaction is expected in the third quarter of the year, subject to customary closing conditions.

    Advisory teams for the deal include Lazard as Chiesi’s exclusive financial adviser, with Ropes & Gray LLP serving as legal counsel. KalVista is being advised by Centerview Partners LLC, Jefferies LLC, Kirkland & Ellis LLP, and Fenwick & West LLP.

    Source: Bloomberg