BioCryst To Acquire Astria Therapeutics In $700 Million Deal, Expanding HAE Portfolio

BioCryst Pharmaceuticals, Inc. announced it will acquire Astria Therapeutics, Inc., a biopharma company specializing in allergic and immunologic disease therapies, in a cash-and-stock deal valued at $13.00 per share, or approximately $700 million in enterprise value. The acquisition, unanimously approved by both companies’ boards, is expected to close in Q1 2026, pending customary conditions. Following completion, Dr. Jill C. Milne, Astria’s CEO, will join the BioCryst Board of Directors.

“We believe this transaction gives BioCryst a perfect second product candidate that fits seamlessly with our HAE core competency and enables us to build out a comprehensive portfolio that could offer the most patient-friendly option, regardless of administration preference.” said Jon Stonehouse, Chief Executive Officer of BioCryst. “Navenibart can emerge as the injectable of choice for patients seeking infrequent, pain-free dosing, strong attack control, and a mechanism of action they know and understand. With our leading product, Orladeyo, and navenibart’s potentially best-in-class profile, we will be well-positioned to drive sustainable growth and profitability while optimally serving the HAE patient community.”

Astria’s lead asset, navenibart, is a long-acting monoclonal antibody inhibitor of plasma kallikrein being developed for the prophylaxis of hereditary angioedema (HAE). With an every 3- or 6-month dosing schedule and a strong clinical profile, navenibart could offer a best-in-class injectable option for HAE patients, significantly reducing treatment burden compared to existing therapies. The drug is currently in Phase 3 trials, with top-line results from the ALPHA-ORBIT study expected in early 2027.

“We are thrilled to have navenibart become an integral part of BioCryst’s HAE portfolio, advancing our shared mission of empowering patients to live beyond the limitations of their disease,” said Jill C. Milne, Ph.D., Chief Executive Officer of Astria Therapeutics. “We have great confidence in BioCryst's proven expertise and ability to successfully bring navenibart to patients who need better options for managing HAE and improving their quality of life. Importantly, this transaction represents a compelling outcome for Astria stockholders, providing cash for their shares at closing as well as continued ownership of BioCryst. I am incredibly proud of our talented Astria team, whose dedication and hard work have brought us to this important milestone.”

By integrating Astria’s pipeline, BioCryst strengthens its rare disease portfolio, combining its leading oral HAE therapy with navenibart’s injectable format to provide physicians and patients with more treatment options. The company also gains Astria’s early-stage atopic dermatitis program (STAR-0310), for which it plans to explore strategic alternatives. BioCryst expects the acquisition to be financially accretive, extend its double-digit revenue growth trajectory, and leverage its established commercial infrastructure to support navenibart’s rapid launch and patient access.