On Tuesday, October 14, 2025, BioCryst Pharmaceuticals, Inc. announced that it has entered into a definitive agreement to acquire Astria Therapeutics, Inc. for a total enterprise value of approximately $700 million. The transaction will be financed with a combination of cash and stock, valuing Astria at an implied $13 per share and providing BioCryst with a 15% stake in the combined company.
The acquisition adds Astria’s lead product candidate, navenibart, a long‑acting injectable plasma kallikrein inhibitor in Phase 3 development for hereditary angioedema (HAE). By pairing navenibart with its existing oral therapy ORLADEYO, BioCryst will offer a comprehensive HAE portfolio that spans both oral and injectable modalities, positioning the company for double‑digit growth in the rare‑disease market.
The deal is expected to close in the first quarter of 2026, subject to customary regulatory and shareholder approvals. Astria’s chief executive officer, Jill C. Milne, will join BioCryst’s board of directors upon completion, and the transaction also includes Astria’s early‑stage atopic dermatitis program, STAR‑0310, which BioCryst plans to evaluate for strategic alternatives.
BioCryst anticipates that the acquisition will be accretive to adjusted operating profit in the first full year of revenue from navenibart, while maintaining its current profitability and positive cash‑flow trajectory. The deal strengthens BioCryst’s rare‑disease pipeline and enhances its commercial infrastructure, reinforcing the company’s long‑term value creation strategy.
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