BioCryst Pharmaceuticals Inc., announced that its acquisition of Astria Therapeutics Inc., has closed, a transaction valued at approximately USD 700 million. BioCryst is acquiring Astria’s innovative drug pipeline for allergic and immunologic diseases, including hereditary angioedema (HAE) and atopic dermatitis.
Astria’s pipeline is led by navenibart, a long-acting plasma kallikrein inhibitor currently in Phase III clinical development for HAE. Navenibart is being developed as an injectable prophylactic therapy with the potential for dosing every three to six months. Another clinical stage drug in Astria’s pipeline is STAR0310, an OX40 antagonist being assessed in Phase I study for atopic dermatitis (STAR0310).
BioCryst is building on its existing HAE portfolio, in particular its own oral plasma kallikrein inhibitor Orladeyo (berotralstat), approved in 2020 to prevent HAE attacks with a once-daily dosing. The addition of Astria’s potentially differentiated long-acting injectable option will allow BioCryst to offer patients more tailored options for individualized care, while BioCryst will be able to leverage existing commercial infrastructure and expertise to accelerate navenibart’s prospective launch.
BioCryst paid for the acquisition via mixture of cash and stock, paying USD 396.6 million in cash from a financing facility managed by Blackstone, and issuing around 37.3 million shares of common stock to Astria’s equity holders. Astria’s CEO and co-founder, Dr. Jill C. Milne, joins BioCryst’s Board of Directors. The deal was first announced in October 2025.