KalVista Shares Surge as FDA Approves New Drug After Delay

KalVista Pharmaceuticals Inc. shares jumped after the company said it received US Food and Drug Administration approval for its pill for hereditary angioedema, a rare and potentially deadly condition that causes severe swelling throughout the body.

KalVista said last month that regulators had delayed making a decision on its drug due to the agency’s “heavy workload and limited resources” after the FDA told the company it would miss a June deadline for approval.