Pharma BD Deal Intelligence
Chiesi Group entered a definitive merger agreement to acquire KalVista Pharmaceuticals (KALV) for $27.00/share in cash, ~$1.9B equity value, adding the first oral on-demand HAE therapy EKTERLY (sebetralstat) to Chiesi Global Rare Diseases. The tender offer (via Skyline Merger Sub) commenced May 13, 2026 and is set to expire at 11:59 p.m. ET on June 10, 2026 unless extended. All regulatory clearances have been obtained: the U.S. HSR waiting period expired May 28, 2026, the German GWB prohibition criteria were not met (May 27, 2026), and the Italian foreign-direct-investment authority confirmed it will not object (May 29, 2026). Subject to the minimum-tender condition, the deal is expected to close in Q3 2026, with any untendered shares acquired via a second-step merger at the same price.