Shares of Kalvista Pharmaceuticals Inc. (NASDAQ:KALV) soared to $15.80 – the high water mark since the company's reverse merger last year with Carbylan Therapeutics Inc. – and closed at $10.19 for a gain of $2.81 after Merck & Co. Inc. agreed to pay a $37 million nonrefundable up-front fee and up to $715 million in milestone payments as part of a collaboration to advance KVD-001, an intravitreal (IVT) injection candidate to treat diabetic macular edema (DME).