BioCryst bets big on rare disease with $700M Astria buyout

BioCryst is acquiring Astria Therapeutics in a $700M deal to expand its hereditary angioedema (HAE) portfolio with a long-acting injectable drug, navenibart.

Why it matters: The acquisition strengthens BioCryst’s competitive position in the growing HAE market and could offer patients a less frequent, more convenient treatment option.

Backstory: BioCryst’s current HAE drug, Orladeyo, a once-daily pill, generated $438M but faces increasing competition. Astria’s experimental drug, navenibart, offers a potential advantage as a less frequently dosed injectable, with Phase 3 results expected in 2027.

Big picture: The HAE treatment landscape is heating up with new approvals, including injectables and on-demand pills. BioCryst aims to future-proof its business by adding a complementary therapy that could be dosed every 3–6 months, an edge over current treatments like Takeda’s Takhzyro.

Zoom in: Astria shareholders will receive $8.55 in cash and 0.59 BioCryst shares per Astria share, a 53% premium. The acquisition also includes an early-stage atopic dermatitis candidate, which BioCryst plans to divest. BioCryst estimates $1.8B in 2033 revenue from its HAE portfolio.