A definitive agreement was announced by BioCryst Pharmaceuticals, Inc. to acquire Astria Therapeutics, Inc. for an implied enterprise value of approximately $700 million, with the transaction expected to close in the first quarter of 2026.

The acquisition, unanimously approved by both Boards of Directors, is highly strategic, focused on strengthening BioCryst's presence in Hereditary Angioedema (HAE) by adding Astria's lead product candidate, navenibart (STAR-0215).

Navenibart is a late-stage, long-acting monoclonal antibody inhibitor of plasma kallikrein currently in Phase 3 clinical development, which is anticipated to be a potentially best-in-class injectable HAE prophylaxis with a highly differentiated every 3- and 6-month administration schedule.

The deal is expected to solidify a double-digit revenue growth trajectory for BioCryst’s HAE portfolio over the next decade, with the company anticipating it will remain non-GAAP profitable and cash flow positive post-transaction. By integrating navenibart with its already commercialized leading oral HAE therapy, Orladeyo (berotralstat), BioCryst will establish a comprehensive portfolio offering optimal, patient-friendly choices for individualized care, maximizing navenibart's reach through its established commercial infrastructure. The transaction consideration is a mix of cash ($8.55 per share) and stock (0.59 shares of BioCryst common stock per share of Astria), representing an implied value of $13.00 per Astria share, a premium of approximately 53% over its closing price. BioCryst has secured a commitment letter for a strategic financing facility of up to $550 million from Blackstone to help fund the cash portion of the deal, and upon closing, Astria's CEO, Jill C. Milne, Ph.D., will join the BioCryst board of directors. While BioCryst will also obtain Astria's early-stage atopic dermatitis program, STAR-0310, it plans to seek strategic alternatives for that asset, maintaining its focus on the HAE market.