On December 2, 2025, BioCryst Pharmaceuticals received early termination of the Hart‑Scott‑Rodino waiting period for its proposed acquisition of Astria Therapeutics, a decision announced the following day. The ruling removes the final regulatory hurdle and signals that the U.S. Department of Justice has cleared the transaction for the next phase.
The deal adds Astria’s late‑stage injectable HAE prophylaxis navenibart to BioCryst’s portfolio, complementing its oral therapy ORLADEYO®. The combination will give patients a broader spectrum of treatment options and position BioCryst as a one‑stop provider for hereditary angioedema.
BioCryst’s Q3 2025 results showed earnings per share of $0.16, beating consensus of $0.05 by $0.11, a 220% beat. Revenue of $159.1 million fell short of the $165 million forecast, a 3.8% miss. The earnings beat was driven by disciplined cost management and a favorable product mix that increased the contribution of high‑margin ORLADEYO sales, while the revenue miss reflected a modest decline in specialty drug sales in the U.S. market.
To fund the $700 million acquisition, BioCryst secured a $550 million facility from Blackstone and has been actively reducing legacy debt, having paid off the remaining balance from its Pharmakon sale. The financing structure provides liquidity while preserving capital for future pipeline development.
In addition to navenibart, the transaction includes Astria’s early‑stage atopic dermatitis program STAR‑0310, which BioCryst plans to evaluate for strategic alternatives. The acquisition expands BioCryst’s rare‑disease pipeline and strengthens its position in both HAE and dermatology markets.
CEO Jon Stonehouse said the acquisition “provides a perfect second product candidate that fits seamlessly with our HAE expertise and expands our therapeutic reach.” He added that the deal will accelerate growth and reinforce BioCryst’s competitive advantage in the rare‑disease sector.
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