Chiesi agreed to buy KalVista Pharmaceuticals for about $1.9 billion, adding Ekterly (sebetralstat) to its rare-disease portfolio. Ekterly is the first FDA-approved oral on-demand treatment for acute hereditary angioedema swelling attacks, positioning the combined company for growth beyond injectable HAE regimens. The acquisition is being framed as an extension of Chiesi’s rare disease strategy, with Ekterly’s oral formulation as the centerpiece of the value proposition. It also follows other recent rare-disease deals that have favored clinically established assets with a clear route to broader commercial uptake. Investors will focus on how quickly Chiesi can scale Ekterly’s distribution and expand its use into earlier patient segments while preserving safety and adherence characteristics that differentiate oral on-demand therapy.