DRI HEALTHCARE TRUST

KalVista Pharmaceuticals secures up to $184 million synthetic royalty financing from DRI Healthcare Trust to fund the commercial launch of sebetralstat, an oral on-demand therapy for hereditary angioedema (HAE), with a potential U.S. approval in June 2025.

DRI Healthcare Trust acquires royalty interest in sebetralstat from KalVista for up to $179M, including $100M upfront, $57M in sales-based milestones, and a $22M optional payment. Additionally, the Trust invests $5M in KalVista's common stock. Sebetralstat, an oral on-demand therapy for HAE, shows significant efficacy and safety in trials. FDA and EMA are reviewing the NDA and MAA, respectively, with potential approval by June 2025. The deal includes tiered royalties on net sales and a potential $50M milestone payment.