M&A · Healthcare · Pharmaceutical Preparations
Chiesi Farmaceutici SpA to acquire KalVista Pharmaceuticals, Inc.
Announced Apr 29, 2026 · Closed Jun 11, 2026
Deal value$1.90BEV $1.84B
Premium40.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$27.00 per share
Transaction
- Acquirer
- Chiesi Farmaceutici SpA
- Target
- KalVista Pharmaceuticals, Inc. (KALV)
- Buyer type
- Strategic
- Offer price per share
- $27.00
- Enterprise value
- $1.84B
- Status
- Closed Jun 11, 2026
Deal protections
- Break fee (target pays)
- $66.4M · 3.5%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Lazard
- To the target
- Centerview
- Centerview fee
- $44.0M
Sector context · Healthcare
- Comparable deals
- 100 in the prior 24 months
- Premium
- 40.0% vs. 51.0% sector median
- EV / Adj. EBITDA
- Sector median 13.4x
- Break fee
- 3.5% vs. 3.3% sector median
Timeline
- AnnouncedApr 29, 2026
- Tender offerMay 13, 2026
- ClosedJun 11, 2026
Valuation · fairness opinions
Trading comparables$13.65$23.45
Precedent transactions$17.50$27.50
Discounted cash flow$19.50$21.70
Analyst price targets$22.00$42.00
Precedent transactions$25.95$39.45
Offer $27.00
Implied value per KalVista Pharmaceuticals, Inc. share by analysis, from Centerview · DCF discount rate 11.5%–13.5%.