Chiesi Group agreed to acquire KalVista Pharmaceuticals in a deal valued at about $1.9 billion to add Ekterly (sebetralstat), the first oral, on-demand hereditary angioedema (HAE) therapy for adults and adolescents aged 12 and older. The acquisition price is $27 per share in cash, with an expected close in Q3 2026. The transaction is positioned as Chiesi’s largest-ever acquisition and expands the company’s rare disease portfolio into immunology via an already-commercialized product. KalVista said the drug generated about $49 million in sales during its first year after FDA approval in July 2025. For rare-disease pharma, the move underscores a shift toward scalable oral acute therapies in HAE, and it adds to the consolidation wave focused on differentiated routes of administration and stronger market fit.