Chiesi has announced the largest acquisition in its 90-year history, agreeing to purchase KalVista Pharmaceuticals for approximately $1.9 billion. This strategic move reinforces Chiesi’s commitment to the rare disease sector and significantly bolsters its specialized immunology portfolio.
1. Ekterly: A Game-Changer in HAE Treatment
The acquisition centers on Ekterly (sebetralstat), a pioneering on-demand oral treatment for hereditary angioedema (HAE).
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Innovation in Care: Unlike traditional injectable therapies or daily prophylactic pills, Ekterly is an oral medication taken at the onset of an attack. This “on-demand” convenience marks a major advancement for patients managing this debilitating genetic condition.
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Commercial Traction: Since its FDA approval in June 2025, Ekterly generated $49 million in annual sales and has secured regulatory nods in the US, UK, Europe, and Japan.
2. Driving the 2030 Growth Strategy
The KalVista deal is a key lever in Chiesi’s ambition to reach a $7 billion (€6 billion) revenue target by 2030.
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Strengthening Global Rare Diseases: Integrating Ekterly allows Chiesi to offer a highly differentiated therapy, addressing significant unmet needs in rare immunology.
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Competitive Landscape: The move comes as the HAE market sees increased activity, with new injectable options recently approved from competitors like CSL Behring and Ionis Pharmaceuticals.
3. A Record Week for BioPharma M&A
The deal, priced at $27 per share (a 36% premium), highlights a broader trend of high-value biopharma acquisitions. Other notable deals this week include Sun Pharma’s $11.75 billion takeover of Organon and Eli Lilly’s $2.3 billion purchase of Ajax Therapeutics.
Giacomo Chiesi, Executive VP of Chiesi Global Rare Diseases, stated: “This acquisition reflects our commitment to rare conditions. KalVista’s innovation meaningfully expands our presence by adding a differentiated treatment option that brings meaningful advancement in disease management.”