Chiesi Group moved to deepen its rare disease footprint by agreeing to buy KalVista Pharmaceuticals for about $1.9 billion. The deal adds Ekterly (sebetralstat), a plasma kallikrein inhibitor approved for hereditary angioedema, including an oral, on-demand option for acute swelling attacks. Chiesi will pay $27 per share in cash, a premium of roughly 40% to KalVista’s prior close. The companies positioned the acquisition as a way to strengthen commercial momentum for an already approved therapy and extend clinical development into younger patient groups. The acquisition is expected to close in Q3 2026 and will be Chiesi’s largest deal to date, putting a commercialized oral HAE treatment at the center of its rare immunology strategy.