Chiesi Group is set to acquire KalVista Pharmaceuticals in a roughly $1.9 billion deal, adding Ekterly (sebetralstat) to its rare disease portfolio. Ekterly is positioned as the first oral, on-demand hereditary angioedema therapy, with regulatory approvals already secured across major markets. KalVista’s commercial momentum is a centerpiece of the rationale, with the therapy generating about $49 million in its first year on the market following FDA approval in July 2025. Chiesi also pointed to expansion studies in younger patient groups and integration plans once the deal closes in Q3 2026. The acquisition increases competition in rare immunology and signals that pharma is prioritizing orally administered options in spaces historically dominated by injectables.