BioCryst Acquires Astria for $700M, Aiming to Innovate HAE Treatment

BioCryst Pharmaceuticals has announced its acquisition of Astria Therapeutics for approximately $700 million, a strategic move aimed at enhancing treatment options for patients suffering from hereditary angioedema (HAE). This acquisition positions BioCryst to significantly reduce the frequency of necessary injections for HAE patients, potentially offering alternatives that require as few as two doses per year.

BioCryst, based in Durham, North Carolina, is already established in the HAE market with its leading product, Orladeyo, which is a once-daily oral medication designed to prevent HAE attacks. These attacks, often life-threatening, can cause swelling in various parts of the body, including the airway. Orladeyo works by inhibiting the protein kallikrein, a key player in the swelling process.

The new acquisition brings with it Astria’s lead candidate, navenibart, an injectable kallikrein inhibitor designed for less frequent dosing. Navenibart aims to meet the growing patient demand for convenience and reduced treatment burden. Astria has initiated a global Phase 3 clinical trial to evaluate navenibart, which includes various dosing regimens such as a starting dose of 600 mg followed by 300 mg every three months or every six months. Preliminary results from this study are anticipated in early 2027.

BioCryst recognizes HAE as a critical area in its portfolio, particularly with Orladeyo generating $437.6 million in sales last year. The company expects this figure to rise to $550 million by 2025. Additionally, the U.S. Food and Drug Administration (FDA) is expected to make a decision regarding an oral granule formulation of Orladeyo for younger patients (ages 2 to 11) by December 12, 2023.

Competition in the HAE treatment market is intensifying. Takeda Pharmaceutical’s Takhzyro, approved in 2018, currently leads as a subcutaneous injection administered every two weeks, with options for extending the interval to four weeks. This year, two new competitors have emerged: CSL Behring’s Andembry, which received FDA approval in June, and Ionis Pharmaceuticals’ Dawnzera, approved in August. Both offer alternative dosing schedules, with Andembry given monthly and Dawnzera administered every month or every two months.

Navenibart’s potential to offer three- or six-month injection intervals could make it a highly preferred option in the HAE treatment landscape. In early trials, navenibart demonstrated an average 92% reduction in HAE attack rates with a 50% attack-free rate. BioCryst’s Chief Commercial Officer, Charlie Gayer, emphasized that while existing products meet efficacy needs, patients are increasingly seeking less burdensome dosing options.

The financial details of the acquisition include a combination of $8.55 in cash and 0.58 shares of BioCryst common stock for each Astria share, valuing Astria at around $13 per share—a premium of 53% over its closing price prior to the announcement. BioCryst has also secured up to $550 million in debt financing through funds managed by Blackstone to help fund this acquisition.

The transaction, pending regulatory and shareholder approval, is expected to be finalized in the first quarter of 2026. Upon completion, Astria’s CEO, Jill Milne, will join BioCryst’s board, and Astria shareholders will hold approximately 15% of the combined entity.

While BioCryst continues to focus on rare diseases, the acquisition of Astria allows it to enhance its pipeline and sustain revenue growth as Orladeyo sales stabilize. The company is also advancing its internal research and development efforts, with the next candidate being BCX17725, aimed at treating Netherton syndrome, a rare inflammatory skin disorder without FDA-approved therapies.

In summary, BioCryst’s acquisition of Astria Therapeutics not only strengthens its position in the HAE market but also aligns with the growing demand for innovative treatments that minimize patient burden and improve quality of life.