KalVista Pharmaceuticals Acquisition, Valuation & Financials

KalVista Pharmaceuticals was acquired by Chiesi Farmaceutici for $1.9B in April 2026.

KalVista Pharmaceuticals acquisition price

$1.9B

Acquired by Chiesi Farmaceutici · Apr 2026

KalVista Pharmaceuticals revenue as a public company

$102M

Last twelve months · May 2026

KalVista Pharmaceuticals revenue multiple before the deal

12.8x

EV/Revenue · last month listed · May 2026

Cumulative funding KalVista Pharmaceuticals raised

$33M

across 1 funding round

KalVista Pharmaceuticals Overview

About KalVista Pharmaceuticals

KalVista Pharmaceuticals Inc is a pharmaceutical company developing and delivering oral therapies for individuals affected by rare diseases with unmet needs. The company applies its knowledge in the kallikrein-kinin system (KKS) and oral drug discovery to develop small-molecule protease inhibitor medicines to address the needs of patients with diseases driven by plasma kallikrein and Factor XIIa. Its FDA-approved product EKTERLY (sebetralstat) is a novel, orally delivered, small-molecule plasma kallikrein inhibitor for the treatment of acute attacks of hereditary angioedema (HAE) in adult and pediatric patients aged twelve years and older.


Founded

2004

HQ

United StatesCambridge

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Revenue

$102M (May 2026)

Valuation

$1.9B (acquired Apr 2026)

KalVista Pharmaceuticals Acquisition

KalVista Pharmaceuticals was acquired by Chiesi Farmaceutici for $1.9B on 28 April 2026.

Before the acquisition KalVista Pharmaceuticals had raised $33M across 1 funding round.

Chiesi Farmaceutici S.p.A., through its wholly owned subsidiary Skyline Merger Sub, Inc., agreed to acquire KalVista Pharmaceuticals, Inc. on April 29, 2026, for $27.00 per share in cash, representing total equity consideration of approximately $1.9 billion. The transaction is structured as a tender offer followed by a merger in which KalVista will become a wholly owned subsidiary of Chiesi, with no financing condition and expected to close in Q3 2026 subject to customary conditions including tender of a majority of shares and regulatory approvals. The acquisition expands Chiesi's rare disease portfolio, particularly in rare immunology, by adding Ekterly (sebetralstat), the first approved oral on-demand plasma kallikrein inhibitor for treating severe swelling episodes in hereditary angioedema (HAE). It represents a 36% premium to KalVista's 30-day volume-weighted average share price as of April 28, 2026, and is Chiesi's largest acquisition by value, supporting its €6 billion strategic revenue target by 2030 through enhanced U.S. commercial infrastructure and market presence. KalVista Pharmaceuticals, based in Framingham, Massachusetts and listed on Nasdaq (KALV), develops oral therapies for hereditary angioedema with Ekterly holding multi-regional approvals and an active U.S. revenue base as of the deal announcement. The company had approximately 51.3 million shares outstanding as of April 2026.

KalVista Pharmaceuticals acquisition details
AcquirerDateTypePrice
  • Chiesi Farmaceutici
28 Apr 2026Strategic M&A$1.9B

KalVista Pharmaceuticals as a Public Company

KalVista Pharmaceuticals traded as STU: 4XC1 before it was taken private. Its acquisition was announced in April 2026. May 2026 is its last month on record as a listed company, with a market cap of $1.4B and an enterprise value of $1.3B.

Last-twelve-month revenue was $102M, and the shares traded at 12.8x EV/Revenue.

Over the 4 years before that, its market cap grew from $218M in May 2022 to $1.4B, while revenue grew from $300K to $102M.

KalVista Pharmaceuticals market cap while listed

KalVista Pharmaceuticals EV/Revenue (LTM) while listed

KalVista Pharmaceuticals financials and trading multiples by year while listed
As ofMarket capRevenue (LTM)EBITDA (LTM)EBITDA marginEV/RevenueEV/EBITDA
May 2026$1.4B$102M--12.8x-
May 2025$587M$3M($176M)-6925%133.9x(1.9x)
May 2024$496M$1M--377.0x-
May 2023$333M$700K--237.0x-
May 2022$218M$300K--110.9x-

Market cap, enterprise value and last-twelve-month figures are month-end values, up to the last month KalVista Pharmaceuticals traded.

KalVista Pharmaceuticals Funding History

KalVista Pharmaceuticals has raised a total of $33M across 1 funding round.

KalVista Pharmaceuticals funding rounds

KalVista Pharmaceuticals funding rounds
DateStageInvestorsRaisedDeal Summary
Jul 2015Series BRA Capital Management (lead); Novo Holdings; SV Health Investors; Longwood Fund; Venrock$33MKalVista Pharmaceuticals announced a Series B financing round raising $33 million to advance development of its proprietary portfolio of plasma kallikrein inhibitors for treating diabetic macular edema (DME) and hereditary angioedema (HAE). The round was led by RA Capital Management and included participation from existing investors Novo A/S and SV Life Sciences, along with new investors Longwood Fund and Venrock. Rajeev Shah from RA Capital and Rich Aldrich from Longwood Fund joined KalVista's Board of Directors, while Bong Koh from Venrock and Tomas Kiselak from RA Capital joined as Board observers. CEO Andrew Crockett stated that the financing would allow the company to rapidly advance its programs toward clinical proof-of-concept milestones and bring treatments to patients with serious diseases. The syndicate brought considerable experience in plasma kallikrein-targeted mechanisms and small molecule drug development.

Who has invested in KalVista Pharmaceuticals?

5 investors have backed KalVista Pharmaceuticals across its funding rounds, including RA Capital Management, Venrock, Novo Holdings, SV Health Investors and Longwood Fund.

Lead investors include RA Capital Management.


KalVista Pharmaceuticals Investors

Investors in KalVista Pharmaceuticals by funding rounds participated
InvestorHQRoundsRoleFirst check
Novo HoldingsDenmarkCopenhagen1ParticipantJul 2015
SV Health InvestorsUnited StatesBoston, MA1ParticipantJul 2015
Longwood FundUnited StatesBoston, MA1ParticipantJul 2015

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Acquisitions by KalVista Pharmaceuticals

KalVista Pharmaceuticals has acquired 1 company to date.

Last acquisition by KalVista Pharmaceuticals was on June 15th 2016. KalVista Pharmaceuticals acquired Carbylan Therapeutics for undisclosed valuation.


Latest Acquisitions by KalVista Pharmaceuticals

Carbylan Therapeutics
Description
Carbylan Therapeutics is a Palo Alto-headquartered clinical-stage biopharmaceutical company developing combination therapies for underserved markets. Founded in 2004, it advances proprietary formulations targeting pain management and gastrointestinal disorders through late-stage trials in the United States.
HQ CountryUnited States
HQ City
San Francisco, CA
Deal Date15 Jun 2016
Valuationundisclosed
EV/Revenue
EV/EBITDA

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KalVista Pharmaceuticals Competitors

KalVista Pharmaceuticals competitors include listed companies like Recursion Pharmaceuticals, Jafron Biomedical, Nanobiotix and Jiangxi Fushine Pharma, and private ones like ArsenalBio and Inari.

Public and private companies comparable to KalVista Pharmaceuticals
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
ArsenalBioUnited StatesUnited StatesPrivate--$1.9B-
Recursion PharmaceuticalsUnited StatesUnited StatesPublicly listed$74M($582M)$1.9B26.6x
Jafron BiomedicalChinaChinaPublicly listed$300M$123M$1.8B5.2x
NanobiotixFranceFrancePublicly listed$34M($15M)$1.8B63.4x
Jiangxi Fushine PharmaChinaChinaPublicly listed$177M$24M$1.8B6.7x
InariUnited StatesUnited StatesPrivate$383M-$2.2B-

KalVista Pharmaceuticals Public Comps

KalVista Pharmaceuticals is no longer listed, but its public comps include Recursion Pharmaceuticals, Mesoblast, Alvotech, Eris Lifesciences, OneSource Specialty, Voronoi, Pfizer India, Jinyu Bio-Technology Co., Lakefront Biotherapeutics and Hepalink.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Recursion Pharmaceuticals$74M($582M)19.1x26.6x(2.4x)(2.8x)
Mesoblast$120M($35M)16.5x14.7x(57.1x)(73.4x)
Alvotech$586M$308M5.5x5.4x10.4x18.6x
Eris Lifesciences$325M$115M6.6x6.2x18.5x17.4x
OneSource Specialty$148M$30M13.8x10.8x68.3x36.9x
Voronoi$5M($35M)337.1x358.5x(52.6x)(32.5x)
Pfizer India$263M$90M6.1x5.9x17.7x16.2x
Jinyu Bio-Technology Co.$208M$47M8.2x7.2x36.4x29.2x

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Common questions about KalVista Pharmaceuticals

When was KalVista Pharmaceuticals founded?KalVista Pharmaceuticals was founded in 2004.
Where is KalVista Pharmaceuticals headquartered?KalVista Pharmaceuticals is headquartered in Cambridge, United States.
Is KalVista Pharmaceuticals publicly listed?No, KalVista Pharmaceuticals was acquired by Chiesi Farmaceutici in April 2026.
Who acquired KalVista Pharmaceuticals?KalVista Pharmaceuticals was acquired by Chiesi Farmaceutici in April 2026.
How much was KalVista Pharmaceuticals acquired for?KalVista Pharmaceuticals was acquired for $1.9B in April 2026.
How much funding has KalVista Pharmaceuticals raised?KalVista Pharmaceuticals has raised $33M across 1 funding round.
What was KalVista Pharmaceuticals' last funding round?KalVista Pharmaceuticals' last funding round was a $33M Series B in July 2015, led by RA Capital Management.
Who are KalVista Pharmaceuticals' investors?KalVista Pharmaceuticals' investors include Novo Holdings, SV Health Investors, Longwood Fund, Venrock and RA Capital Management.
Which companies are comparable to KalVista Pharmaceuticals?Companies comparable to KalVista Pharmaceuticals include ArsenalBio, Recursion Pharmaceuticals, Jafron Biomedical, Nanobiotix, Jiangxi Fushine Pharma and Inari.
What was KalVista Pharmaceuticals' market cap before the acquisition?KalVista Pharmaceuticals had a market cap of $1.4B in May 2026, its last month on record as a listed company, trading at 12.8x EV/Revenue.
What was KalVista Pharmaceuticals' revenue as a public company?KalVista Pharmaceuticals' last reported twelve-month revenue was $102M (May 2026).
How many companies has KalVista Pharmaceuticals acquired?KalVista Pharmaceuticals has acquired 1 company, including Carbylan Therapeutics.

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