AbbVie struck a right-to-buy option with Kestrel Therapeutics that could reach $1.45 billion to fund and potentially acquire the company’s investigational oral pan-KRAS inhibitor KST-6051. The agreement uses a milestone-based warrant structure as Kestrel begins a Phase 1 trial targeting solid tumors with KRAS mutations. Separately, Chiesi agreed to buy KalVista Therapeutics for about $1.9 billion, adding the approved hereditary angioedema therapy Ekterly to its rare-disease portfolio. The deal values KalVista at $27 per share and includes a 40% premium to the prior day’s closing price. In diagnostics, CareDx agreed to acquire Naveris for up to $260 million to gain access to NavDx, a liquid biopsy test for HPV-related cancers. The acquisition includes $160 million upfront and revenue-based milestones, with NavDx supported by Medicare coverage since 2023. Collectively, the transactions reflect continued sponsor appetite for differentiated oncology mechanisms, immunology-driven value, and reimbursement-embedded diagnostics assets.