INTERNATIONAL BIOTECHNOLOGY TRUST PLC ("IBT")

IBT portfolio company KalVista to be acquired by Chiesi

IBT notes the announcement 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. 

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ENDS

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