BioCryst Pharmaceuticals has announced the acquisition of Astria Therapeutics for $700 million, a strategic move aimed at bolstering its position in the competitive market for treatments of hereditary angioedema (HAE). This acquisition enables BioCryst to expand its offerings, potentially providing patients with a treatment option that requires as few as two injections per year.
Hereditary angioedema is a rare genetic condition that causes severe swelling attacks, which can be life-threatening if they affect the airway. Currently, patients have access to injectable medications that require administration every two weeks to every two months. BioCryst, based in Durham, North Carolina, already markets Orladeyo, a once-daily pill designed to prevent HAE attacks by blocking the protein kallikrein. The acquisition of Astria, which is headquartered in Boston, grants BioCryst access to navenibart, an injectable kallikrein inhibitor that aims to enhance patient compliance through less frequent dosing.
Strategic Expansion in HAE Treatment
Astria is currently conducting a global Phase 3 clinical trial for navenibart, evaluating various dosing schedules including a starting dose of 600 mg followed by 300 mg every three months or 600 mg every six months. The primary objective of the trial is to measure the frequency of HAE attacks over a six-month treatment period, with preliminary results expected in early 2027.
BioCryst’s focus on HAE aligns with its existing portfolio, particularly with Orladeyo, which generated $437.6 million in sales last year. The company anticipates that revenue from Orladeyo could reach $550 million by 2025. An FDA decision is expected by December 12 regarding a new oral granule formulation of Orladeyo for children aged 2 to 11.
The HAE treatment landscape is becoming increasingly competitive. Takeda Pharmaceutical’s Takhzyro, approved in 2018, is currently a market leader, requiring injection every two weeks, although some patients may extend this to every four weeks. Recent approvals this summer for new drugs, including CSL Behring’s Andembry and Ionis Pharmaceuticals’ Dawnzera, are providing patients with additional alternatives.
BioCryst believes that navenibart’s potential for less frequent dosing—every three or six months—could position it as a preferred option for HAE patients, particularly those seeking to reduce the burden of regular injections. A Phase 1b/2 trial showed that navenibart led to an average 92% reduction in HAE attack rates, significantly outperforming existing injectable prophylaxis products.
Financial Implications and Future Prospects
The acquisition of Astria not only broadens BioCryst’s treatment portfolio but also serves as a strategic move to sustain revenue growth as Orladeyo sales stabilize. BioCryst’s CEO, Jon Stonehouse, described navenibart as a “perfect next fit product” for the company’s strategy in the rare disease market.
The financial structure of the acquisition includes $8.55 in cash along with 0.58 shares of BioCryst common stock for each Astria share, valuing Astria’s stock at approximately $13—a 53% premium to its closing price prior to the announcement. BioCryst has secured up to $550 million in debt financing from funds managed by Blackstone to help fund this acquisition.
Pending regulatory and shareholder approvals, the transaction is expected to finalize in the first quarter of 2026. Following the completion of the deal, Jill Milne, CEO of Astria, will join BioCryst’s board of directors, with Astria’s shareholders projected to own about 15% of the combined entity.
In addition to navenibart, Astria’s pipeline includes STAR-0310, an antibody targeting the inflammatory protein OX40 for atopic dermatitis. However, BioCryst plans to explore strategic alternatives for this asset as it does not align with its rare disease focus.
The acquisition marks a significant step for BioCryst as it continues to innovate and enhance treatment options for patients suffering from HAE, positioning itself strongly against larger competitors in the sector.
