On November 4, 2024, KalVista Pharmaceuticals, Inc. (NASDAQ: KALV) announced and closed a synthetic royalty financing with DRI Healthcare Trust for up to US$179 million (approximately CAD 244 million). The deal included a US$100 million (CAD 137 million) upfront payment, a US$22 million (CAD 30 million) optional payment upon FDA approval of sebetralstat, and up to US$57 million (CAD 78 million) in sales-based milestones.

Cravath, Swaine & Moore LLP represented DRI Healthcare Trust, while Ballard Spahr advised on patent and regulatory matters. McCarthy Tétrault LLP acted as special tax counsel to DRI, with a team led by Raj Juneja and Brendan Festeryga. Jefferies LLC served as exclusive financial advisor to KalVista.

The financing supports the commercialization of sebetralstat, a potential first-in-class oral therapy for hereditary angioedema, pending an FDA decision expected in June 2025. KalVista committed to tiered royalties on global net sales, with milestone and royalty adjustments for additional payments.