SHERIDAN, WYOMING – October 15, 2025 – BioCryst Pharmaceuticals is strengthening its hereditary angioedema (HAE) pipeline through the acquisition of Massachusetts-based Astria Therapeutics in a $700 million cash-and-stock deal. The move positions BioCryst to compete more aggressively in the rare disease market by combining its oral HAE treatment, Orladeyo, with Astria’s long-acting injectable candidate, navenibart.
Strategic Expansion into Injectable HAE Therapy
The acquisition gives BioCryst a promising investigational monoclonal antibody, navenibart, currently in Phase III trials for HAE prophylaxis. Designed to inhibit plasma kallikrein — a key driver of HAE attacks — the therapy could offer significant convenience and efficacy improvements over existing injectable options.
According to the companies, BioCryst is purchasing Astria for $13 per share, representing a 53% premium to Astria’s prior closing price. The deal, unanimously approved by both boards, is expected to close in Q1 2026. Upon announcement, Astria’s shares surged 37%, while BioCryst’s fell nearly 9%, reflecting short-term investor caution amid a competitive HAE market.
Clinical Development and Differentiation of Navenibart
Navenibart’s late-stage ORBIT-EXPANSE study, initiated last week, will evaluate a fixed-dose regimen followed by a flexible, patient-tailored schedule over six months. Earlier Phase Ib/II data demonstrated a 90%–95% reduction in monthly HAE attack rates when administered only two to four times per year.
These results suggest that navenibart could redefine convenience in HAE prophylaxis by enabling dosing intervals of up to six months, a substantial improvement compared to the more frequent injections required by current therapies.
Executive Perspective and Market Synergy
BioCryst CEO Jon Stonehouse emphasized how the acquisition enhances the company’s competitive edge in HAE management. “Navenibart synergizes well with Orladeyo,” Stonehouse noted, underscoring how the combination of oral and injectable options could broaden BioCryst’s market coverage. He added that navenibart’s dosing flexibility “could offer significant improvements” for patients seeking long-term disease control with minimal treatment burden.
Competitive Landscape in HAE Therapeutics
BioCryst’s move follows a period of rapid innovation in the HAE market, where new mechanisms and administration routes are reshaping the treatment paradigm. In recent months:
- CSL secured FDA approval for Andembry, a Factor XIIa blocker, in June 2025.
- Ionis Pharmaceuticals gained clearance for Dawnzera, an RNA-targeted therapy, in August.
This competitive momentum underscores the urgency for BioCryst to diversify its portfolio and reinforce its market share among an estimated 5,000 U.S. patients eligible for HAE prophylactic therapy.
Strategic Outlook and Market Impact
By integrating Astria’s biologic expertise and clinical assets, BioCryst aims to create a complementary HAE franchise spanning both oral and injectable prophylaxis options. The combination could yield operational efficiencies in R&D and commercialization while enabling healthcare providers to personalize therapy based on patient preferences and response patterns.
As navenibart progresses through Phase III, BioCryst’s acquisition signals a broader strategic intent: to evolve from a single-product company into a comprehensive HAE platform leader, capable of addressing unmet clinical and patient needs in this growing rare disease segment.
Learn more at www.biocryst.com