RCS - Intnl. Biotechnology - Portfolio company KalVista acquired by Chiesi

International Biotechnology TrustAnnouncement

29/04/2026 15:30

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RNS Number : 4496C  Intl. Biotechnology Trust PLC  29 April 2026

INTERNATIONAL BIOTECHNOLOGY TRUST PLC ("IBT")

IBT portfolio company KalVista to be acquired by Chiesi

IBT notes the announcement
(https://www.chiesi.com/en/media-hub/press-releases/chiesi-group-to-acquire-kalVista-pharmaceuticals-expanding-its-global-rare-disease-portfolio)
 today that KalVista Pharmaceuticals (KalVista) has entered into an agreement
to be acquired by Chiesi Farmaceutici (Chiesi).

KalVista is a global biotechnology company committed to developing oral
therapies for rare diseases, initially targeting hereditary angioedema (HAE),
a rare genetic disease which can cause painful and debilitating attacks of
tissue swelling in various locations of the body that can be
life-threatening. KalVista's first approved oral on-demand treatment for HAE
(Ekterly) offers an alternative to previously available injectable therapies
and was approved in July 2025.

Under the terms of the agreement, KalVista shareholders will receive $27 per
share in cash at closing, representing a premium of 36% to KalVista's 30-day
volume-weighted average share price as of 28 April. As at close of business on
28 April, KalVista represented 1.6% of IBT's Net Asset Value, as included in
in IBT's daily NAV update on 29 April.

Commenting on the news, Ailsa Craig and Marek Poszepczynski, portfolio
managers of IBT, said:

"M&A activity across the biotech sector remains exceptionally strong, with
this transaction marking the fifth acquisition in IBT's portfolio so far in
2026. This momentum is underpinned by durable structural tailwinds, as large
pharmaceutical companies strengthen their pipelines and offset revenue
pressures from upcoming patent expiries by acquiring innovative biotechnology
companies.

KalVista exemplifies what we would describe as 'Biotech 2.0', an emerging
group of more mature and clinically de-risked companies. These have
significant optionality as either potential acquisition targets or to generate
substantial revenue as standalone businesses.

At IBT, we assess companies through a pharmaceutical development lens,
aligning our investment process with the key characteristics valued by
prospective acquirers. This latest transaction reinforces the effectiveness of
our approach and continued success to capitalise on sustained dealflow
activity across the sector."

The updated valuation of IBT's holding in KalVista will be included in IBT's
NAV as at close of business on 29 April, to be reported in the usual way on 30
April.

To sign up for IBT updates by email, please click here
(https://www.schroders.com/en-gb/uk/individual/never-miss-an-update/) .

ENDS

Enquiries:

 

 Schroder Investment Management Limited

 Kirsty Preston (PR)                                                  020 7658 6000

 Natalia de Sousa (Company Secretary)                                 020 7658 6000

 Kaso Legg Communications (Financial PR)                              IBT@kl-communications.com (mailto:IBT@kl-communications.com)

 Charles Gorman

 Henry Taylor

 Effie Aye Maung Hider

 

 

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