BioCryst Pharmaceuticals announced it will acquire Astria Therapeutics in a cash-and-stock deal valued at approximately $700 million, aiming to expand its portfolio of treatments for hereditary angioedema (HAE).
The deal, unanimously approved by both companies’ boards, will see BioCryst pay $13.00 per Astria share—a 53% premium over Astria’s October 13 closing price—through a combination of $8.55 in cash and 0.59 shares of BioCryst stock per Astria share. The transaction is expected to close in the first quarter of 2026, pending regulatory and shareholder approvals.
Astria’s lead asset, navenibart, is a long-acting monoclonal antibody currently in Phase 3 trials for HAE prophylaxis. With its every 3- or 6-month dosing schedule and strong clinical profile, BioCryst sees navenibart as a potentially best-in-class injectable therapy, offering patients an alternative to frequent, painful injections.
“This transaction gives BioCryst a perfect second product candidate that fits seamlessly with our HAE core competency,” said BioCryst CEO Jon Stonehouse. “With Orladeyo as the leading oral option and navenibart as a potential injectable of choice, we can offer unmatched flexibility and individualized care.”
BioCryst plans to commercialize navenibart using its existing HAE infrastructure, which it believes will accelerate market launch and drive growth. The company expects the acquisition to be accretive to operating profit (non-GAAP) in the first full year of revenue after navenibart’s anticipated launch, with potential for double-digit revenue growth through the next decade.
As part of the acquisition, BioCryst will also gain access to Astria’s early-stage atopic dermatitis program, STAR-0310, although it plans to seek strategic alternatives for that asset.
Astria CEO Dr. Jill Milne will join BioCryst’s board following the close. “We are thrilled to have navenibart become part of BioCryst’s HAE portfolio and help patients live beyond the limitations of their disease,” she said.
To finance the deal, BioCryst will use a mix of cash on hand and funds from a $550 million strategic financing facility arranged with Blackstone. The company also recently cleared its remaining debt following the sale of its European business.
Astria shareholders are expected to own approximately 15% of the combined company post-transaction. Major Astria stakeholders, including executives and Perceptive Advisors, have already committed to vote in favor of the deal.