Chiesi Group agreed to acquire KalVista Pharmaceuticals in a $1.9 billion deal, extending its rare disease footprint with Ekterly (sebetralstat), a plasma kallikrein inhibitor for hereditary angioedema. The acquisition adds a differentiated oral, on-demand option for HAE attacks and builds on KalVista’s commercialization momentum since FDA approval in July 2025. The transaction is structured as a tender offer and is expected to close in Q3 2026, with Chiesi emphasizing continuity of patient access during integration. With the deal, Chiesi is effectively repositioning its rare immunology portfolio around oral convenience rather than injectable-only paradigms. For biotech investors and partners, the move signals sustained corporate focus on rare diseases with scalable oral formulations and existing regulatory traction.