BioCryst to Acquire Astria Therapeutics

Rare Daily Staff

BioCryst Pharmaceuticals said it will acquire Astria Therapeutics for cash and stock in a $700 million deal that will broaden its offerings of treatments for hereditary angioedema, a rare disorder that causes potentially life-threatening episodes of tissue swelling.

Hereditary angioedema, or HAE, is a rare genetic disorder that results in recurring attacks of edema, or swelling, in various parts of the body, including the abdomen, face, feet, genitals, hands and throat. The swelling can be debilitating and painful.

Astria’s lead product candidate, navenibart, is an injectable, long-acting monoclonal antibody inhibitor of plasma kallikrein for HAE prophylaxis. Navenibart’s potentially best-in-class clinical profile and highly differentiated every-three- and every-six-month administration schedule could offer significant improvements over existing injectable options and address key unmet needs in the HAE patient community.

BioCryst’s established commercialization infrastructure and expertise in HAE are expected to maximize the reach of navenibart and expand patient access. With the addition of navenibart, BioCryst’s portfolio will include both a leading oral and a potentially best-in-class injectable therapy for HAE, empowering physicians and patients with optimal choices for individualized care.

The deal will also give BioCryst Astria’s early-stage program for atopic dermatitis, STAR-0310. BioCryst plans to seek strategic alternatives for this asset.

Under the terms of the agreement, BioCryst will acquire all outstanding shares of Astria for consideration per share consisting of $8.55 in cash and 0.59 shares of BioCryst common stock, which, based on BioCryst’s 20-day volume-weighted average price of $7.54 as of Oct. 8, 2025, reflects an implied value of $13.00 per share of Astria and approximately $700 million in enterprise value. The implied $13.00 per share merger consideration represents a premium of about 53 percent over Astria’s closing share price on Oct. 13, 2025, and 71 percent over Astria’s 20-day volume-weighted average price as of Oct. 13, 2025.

Upon closing of the transaction, Jill Milne, CEO of Astria Therapeutics, will join the BioCryst board of directors.

“We believe this transaction gives BioCryst a perfect second product candidate that fits seamlessly with our HAE core competency and enables us to build out a comprehensive portfolio that could offer the most patient-friendly option, regardless of administration preference,” said Jon Stonehouse, CEO of BioCryst. “Navenibart can emerge as the injectable of choice for patients seeking infrequent, pain-free dosing, strong attack control and a mechanism of action they know and understand. With our leading product, Orladeyo, and navenibart’s potentially best-in-class profile, we will be well-positioned to drive sustainable growth and profitability while optimally serving the HAE patient community.”

Photo: Jon Stonehouse, CEO of BioCryst