Background and Strategic Value of Chiesi's Acquisition of KalVista

Chiesi Group has completed the acquisition of KalVista Pharmaceuticals for $27 per share, totaling $1.9 billion (approximately 2.6 trillion KRW) in cash. This transaction represents the largest M&A deal in Chiesi's history and is expected to be a key driver for achieving its long-term growth target of 6 billion euros (approximately $7 billion) in revenue by 2030. In particular, the acquisition adds Ekterly (sebetralstat), an oral on-demand treatment for Hereditary Angioedema (HAE) developed by KalVista and approved by the FDA in July 2025, to Chiesi's portfolio, strengthening its position in the rare disease area. This move aligns with the strategy of major pharmaceutical companies to secure innovative drugs in the commercialization stage that can generate immediate revenue in anticipation of patent expirations.

Changes in the HAE Market Landscape and the Competitiveness of Ekterly

The HAE treatment market has traditionally been dominated by intravenous or subcutaneous formulations such as Andembry (garadacimab) from CSL Behring and Dawnzera (donidalorsen) from Ionis. However, Ekterly is the first oral on-demand (taken immediately upon symptom onset) plasma kallikrein inhibitor, significantly improving patient convenience and addressing the aversion to injections. Since its launch, it has rapidly gained market share, generating approximately $50 million in revenue last year and capturing approximately 20% of the U.S. HAE patient population in a short period. Industry experts predict that the on-demand HAE market will exceed $1.8 billion (approximately 2.4 trillion KRW) in the future, and Ekterly is expected to become the new standard of care in the market.

Restructuring of Competitive Landscape and Pipeline Developments

Currently, the HAE market is characterized by intense technological competition in both the acute treatment and long-term prophylaxis areas. In the oral prophylaxis area, BioCryst's Orladeyo (berotralstat) has held a dominant position, but Pharvaris's deucrictibant, an oral bradykinin B2 receptor antagonist in development, is showing promising data in Phase 3 trials. Additionally, Intellia Therapeutics has initiated a Phase 3 trial of Lonvo-z (NTLA-2002), a CRISPR/Cas9 gene editing therapy targeting the kallikrein B1 (KLKB1) gene, which could potentially offer a cure. In this context, Chiesi's acquisition of KalVista can be seen as a crucial step to establish a competitive advantage early on and solidify its market share.

Increased Bio M&A Activity and Implications for Investors

This acquisition is a prime example of the accelerating trend of mergers and acquisitions (M&A) in the global biotech industry. In a changing liquidity environment, major pharmaceutical companies are increasingly preferring to acquire validated late-stage pipelines or approved assets to commercialize them, thereby reducing commercialization risk. Through this transaction, KalVista's shareholders are guaranteed a cash exit opportunity of $27 per share, providing them with capital for reinvestment. Furthermore, this deal is likely to have a positive impact on other small and medium-sized biotech companies with similar pipelines, such as Pharvaris and BioCryst, potentially leading to a re-evaluation of their valuations.