BioCryst to Acquire Astria in $700M Deal to Dominate HAE Market
The acquisition adds a late-stage drug, navenibart, to BioCryst's portfolio, aiming to create a comprehensive treatment platform for Hereditary Angioedema.
BioCryst Pharmaceuticals (BCRX) has announced a definitive agreement to acquire Astria Therapeutics (ATXS) in a cash and stock transaction valued at approximately $700 million. The strategic acquisition, announced on Tuesday, October 14, 2025, is set to significantly bolster BioCryst's position in the Hereditary Angioedema (HAE) market by adding a promising late-stage drug to its pipeline.
The deal adds navenibart, a Phase 3 long-acting plasma kallikrein inhibitor, to BioCryst's portfolio, enhancing its growth profile and expanding its therapeutic offerings for HAE patients. The acquisition is structured to provide Astria shareholders with $8.55 in cash and 0.59 shares of BioCryst common stock for each share of Astria they hold, representing a substantial 53% premium over Astria's closing price on the day before the announcement.
Jon Stonehouse, CEO of BioCryst, commented that the acquisition will create a comprehensive HAE franchise, offering both oral and injectable treatment options to a patient population of over 5,000 currently on injectable prophylaxis. The combined company aims to provide a more diverse and complete range of treatments, addressing the unmet needs of the HAE community.
The market reaction for Astria's stock was strong, with the company's shares having gained over 100% in the six months leading up to the announcement. For BioCryst, the acquisition represents a strategic move to solidify its market leadership in HAE, a rare and life-threatening genetic disorder.
With top-line data for navenibart expected in early 2027, the acquisition is a forward-looking investment in BioCryst's long-term growth. The company has stated that it expects to maintain profitability on a non-GAAP basis and remain cash flow positive following the transaction, signaling confidence in the financial viability of the newly combined entity. Analysts have maintained a generally positive outlook on BioCryst, with the acquisition likely to be viewed as a significant step in the company's growth trajectory.