BioCryst Acquires Astria Therapeutics for $700M, Bolstering HAE Portfolio

BioCryst Pharmaceuticals has announced a $700 million acquisition of Astria Therapeutics, significantly expanding its presence in the hereditary angioedema (HAE) market. The deal, expected to close in the first quarter of 2026, will give BioCryst control of navenibart, a promising long-acting injectable drug for HAE currently in Phase III development.

Strategic Expansion in HAE Treatment

The acquisition represents a strategic move for BioCryst, complementing its existing oral HAE drug Orladeyo. Navenibart, an injectable plasma kallikrein inhibitor, offers the potential for less frequent dosing compared to current injectable therapies. Charlie Gayer, BioCryst's Chief Commercial Officer, highlighted the unmet need for reduced dosing frequency in HAE treatment.

"Low dosing frequency is the main remaining unmet need identified by HAE patients and their physicians," Gayer stated. "They see every-three-month dosing as the tipping point that would motivate a switch. That is the potential of navenibart."

Early clinical data for navenibart has shown promise, with a Phase Ib/II study demonstrating a 90% to 95% reduction in monthly HAE attack rates with dosing 2 or 4 times per year. The ongoing Phase III ORBIT-EXPANSE study is evaluating both three-month and six-month dosing regimens, with top-line data expected in early 2027.

Market Implications and Financial Outlook

The HAE market has become increasingly competitive, with multiple therapies available for both prevention and on-demand treatment of attacks. BioCryst's Orladeyo, approved in 2020, generated $438 million in revenue last year, with projections reaching up to $600 million by 2025.

The addition of navenibart to BioCryst's portfolio could significantly impact the company's long-term financial outlook. BioCryst CFO Babar Ghias predicted that navenibart could "supercharge" earnings growth well into the next decade. The company now anticipates $1.8 billion in revenue from their HAE portfolio by 2033.

Jon Stonehouse, CEO of BioCryst, emphasized the strategic fit of the acquisition: "This deal allows us to go 'all in' on hereditary angioedema, leveraging our existing commercial infrastructure while addressing a key unmet need in the market."

Competitive Landscape and Future Prospects

The acquisition positions BioCryst to challenge Takeda's Takhzyro, currently a leading injectable therapy for HAE prevention. Navenibart's potential for less frequent dosing could provide a significant competitive advantage if approved.

As part of the deal, BioCryst will also gain control of STAR-0310, an early-stage drug candidate for atopic dermatitis. However, the company plans to seek "strategic alternatives" for this asset, as it falls outside their core focus on rare diseases.

With this acquisition, BioCryst aims to solidify its position as a leader in HAE treatment, offering a comprehensive portfolio that includes both oral and long-acting injectable options for patients.