Who is this relevant for?
- Manufacturers evaluating rare disease market entry
- Distributors monitoring sourcing opportunities
Chiesi Group is acquiring KalVista Pharmaceuticals for $1.9 billion, adding the oral hereditary angioedema (HAE) therapy Ekterly. The deal, expected to close in Q3 2026, gives Chiesi immediate access to the first oral on-demand plasma kallikrein inhibitor for acute HAE attacks.
Ekterly secured FDA approval in July 2025 and posted $49.1 million in 2025 sales. It is also approved in the EU and other regions. Chiesi plans to use this product to support its €6 billion revenue target for 2030 and strengthen its U.S. commercial infrastructure.
The acquisition reshapes the HAE competitive landscape. Ekterly is the only oral on-demand option among newer drugs, while prophylactic injectables like Ionis' Dawnzera and CSL's Andembry are available. RBC analysts note that the deal reflects strong strategic interest in oral HAE treatments. With KalVista acquired, only Pharvaris and BioCryst remain as smaller public biotechs in HAE, adding potential M&A optionality. Pharvaris is developing deucrictibant, an immediate-release oral with a superior clinical profile, but will be second to market.
For manufacturers evaluating entry into rare disease markets, this acquisition signals the value of oral on-demand therapies. Distributors should monitor the evolving sourcing landscape as Chiesi expands its rare disease portfolio.