BioCryst Pharmaceuticals expands HAE portfolio with acquisition of Astria Therapeutics

Durham-based BioCryst Pharmaceuticals Inc. plans to acquire Boston-based Astria Therapeutics Inc., adding the late-stage hereditary angioedema (HAE) treatment, navenibart, to its portfolio. 

The transaction, which values Astria’s equity at about $920 million and its business at roughly $700 million, is expected to close in the first quarter of 2026.

Navenibart is an injectable monoclonal antibody inhibitor of plasma kallikrein for the treatment of HAE, a genetic disorder that causes sudden swelling in areas, such as the face, hands, airway, or digestive tract. 

BioCryst has commercialized Orladeyo (berotralstat), an oral, once-daily plasma kallikrein inhibitor for HAE treatment, and is advancing a pipeline of small-molecule and protein therapies.

“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, Chief Executive Officer of BioCryst. 

More options for HAE patients

Navenibart’s clinical profile and its potentially longer 3- and 6-month dosing schedule offer potential advantages over current injectable treatments, helping address ongoing needs for HAE patients. 

“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,” said Stonehouse.

Navenibart is in Phase 3 clinical development, with top-line data from the ALPHA-ORBIT trial expected in early 2027. Results from earlier clinical trials showed that navenibart exhibited strong efficacy and a favorable safety and tolerability profile. 

“We are thrilled to have navenibart become an integral part of BioCryst’s HAE portfolio, advancing our shared mission of empowering patients to live beyond the limitations of their disease,” said Jill C. Milne, Ph.D., Chief Executive Officer of Astria Therapeutics. “We have great confidence in BioCryst's proven expertise and ability to successfully bring navenibart to patients who need better options for managing HAE and improving their quality of life.” 

Transaction terms

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 reflects an implied value of $13.00 per share of Astria and approximately $700 million in enterprise value. 

Once the transaction closes, Milne will join the BioCryst board of directors. BioCryst will also obtain Astria’s early-stage atopic dermatitis program, STAR-0310, and plans to seek strategic alternatives for the asset.

According to BioCryst, adding navenibart to its portfolio could help the company sustain double-digit revenue growth through the next decade while maintaining near-term financial stability.

The company also expects to gain efficiency, with the transaction likely boosting operating profit (non-GAAP) in the first full year after navenibart launches. It plans to use its existing sales and marketing resources to support the launch and achieve savings over time.

Read more about BioCryst: 
FDA accepts BioCryst’s application to expand ORLADEYO to young HAE patients