BioCryst Pharmaceuticals to Acquire Astria Therapeutics in $700 Million Deal, Expanding Hereditary Angioedema Portfolio

BioCryst Pharmaceuticals has announced its intention to acquire Astria Therapeutics in a cash-and-stock deal valued at approximately $700 million. The acquisition, which is expected to close in the first quarter of 2026, centers around an experimental hereditary angioedema (HAE) medicine currently in late-stage testing.

Deal Structure and Financial Details

Under the terms of the agreement, Astria stockholders will receive $8.55 in cash and 0.59 BioCryst shares for each Astria share they own. This offer represents a 53% premium over Astria's closing share price on Monday, implying a per-share value of $13.

The acquisition is set to significantly bolster BioCryst's presence in the HAE market. The company projects that its HAE portfolio could generate revenue of $1.8 billion by 2033, according to analysis from RBC Capital Markets.

Expanding the HAE Treatment Arsenal

The cornerstone of this acquisition is navenibart, a long-lasting injectable antibody drug developed by Astria Therapeutics. Navenibart is designed to prevent the swelling episodes associated with hereditary angioedema, with Phase 3 data expected in 2027.

This new asset will complement BioCryst's existing HAE treatment, Orladeyo, a once-daily pill used for attack prevention. Orladeyo generated approximately $438 million in revenue last year, with BioCryst anticipating net revenue to reach up to $600 million in 2025.

Brian Abrahams, an analyst at RBC Capital Markets, noted that navenibart has demonstrated "strong efficacy" and a "favorable safety/tolerability profile" in earlier testing. The drug's potential for dosing every three to six months could provide a significant advantage over existing treatments, such as Takeda's Takhzyro, which is considered the current "gold standard" injectable.

Strategic Implications and Market Landscape

The acquisition of Astria Therapeutics signals BioCryst's commitment to expanding its footprint in the competitive HAE market. Despite the crowded treatment landscape, which includes recently approved injectable preventive therapies and on-demand medications, BioCryst sees this move as a strategic opportunity to strengthen its position.

Leerink Partners analyst Joseph Schwartz suggests that navenibart could fill a crucial gap in BioCryst's portfolio, offering a less frequent dosing option compared to existing treatments. This acquisition is viewed as a more prudent use of capital compared to investing in high-risk, early-stage orphan disease pipeline programs.

As part of the deal, BioCryst will also gain an early-stage drug candidate for atopic dermatitis. However, the company plans to seek "strategic alternatives" for this asset, focusing primarily on expanding its HAE treatment offerings.