KalVista licensing deal with Kaken

Shares of USA and UK-based KalVista Pharmaceuticals (Nasdaq: KALV) fell 4% to $11.04 yesterday, despite the company revealing it has signed a licensing deal for the commercialization rights in Japan to Kaken Pharmaceutical (TYO: 4521) for sebetralstat, an investigational, oral on-demand treatment for hereditary angioedema (HAE).

In return, KalVista will receive an upfront payment of $11 million, with an additional of up to $11 million upon achievement of a regulatory milestone anticipated in early 2026 from the Japanese drugmaker. Beyond these payments, the company is also eligible for commercial milestone payments, plus royalties based on the Japan National Health Insurance (NHI) price, with the royalty rate as a percentage of sales approximately in the mid-twenties

The global market for hereditary angioedema therapeutics is projected to reach $6.8 billion by 2031, expanding at a double-digit CAGR of 11.4% over the forecast period.