BioCryst Pharmaceuticals is acquiring Astria Therapeutics in a $700 million cash-and-stock deal, aiming to challenge major players in the hereditary angioedema (HAE) drug market with a broader, dual-therapy portfolio.
October 19, 2025
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BioCryst Pharmaceuticals
Details of the Astria Therapeutics Deal
Structure and Valuation
BioCryst Pharmaceuticals is acquiring Astria Therapeutics in a deal valued at approximately $700 million. Astria stockholders will receive $8.55 in cash plus 0.59 BioCryst shares per Astria share, representing a 53% premium over Astria’s prior closing price, and valuing Astria at about $13 per share.
The deal is funded through a mix of cash and BioCryst shares [BioCryst IR].
Strategic Intent
BioCryst markets Orladeyo, an oral therapy for hereditary angioedema (HAE), which earned $438 million in 2024 and is projected to reach $600 million by 2025. However, the oral drug does not cover all patient needs.
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Astria Therapeutics
HAE Market Impact and Competitive Landscape
Introducing Navenibart
The acquisition centers on Astria’s leading drug candidate, navenibart, a long-acting injectable antibody in late-stage development, designed to prevent the severe swelling attacks characteristic of HAE. “Navenibart offers the potential for better prevention in patients who need non-oral options,” industry analysts note.
Major Competitors
Main rivals in the HAE market include Takeda’s Takhzyro and CSL Behring.
BioCryst’s acquisition aims to position the company with both oral and injectable HAE therapies, broadening its portfolio against larger pharmaceutical companies [Endpoints News].
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