Chiesi Group ("Chiesi"), an international research-focused biopharmaceutical group and certified B Corp, and KalVista Pharmaceuticals, Inc. ("KalVista") (NASDAQ:KALV), today announced that the companies have entered into a definitive agreement under which Chiesi will acquire KalVista (the "Transaction"). The Transaction was unanimously approved by both Chiesi's and KalVista's Boards of Directors and is expected to close in Q3 2026, subject to the satisfaction of customary closing conditions.

Under the terms of the Transaction, Chiesi will commence a tender offer to acquire all outstanding shares of KalVista for $27.00 per share in cash. The total value implied by the Transaction at closing is approximately $1.9bn.