BioCryst Acquires Astria for $700M to Enhance HAE Treatment Options

BioCryst Pharmaceuticals has finalized a $700 million acquisition of Astria Therapeutics, aiming to improve treatment options for patients suffering from hereditary angioedema (HAE). This strategic move positions BioCryst to offer innovative therapies that could reduce the frequency of injections for patients from bi-weekly or monthly schedules to as few as two shots per year.

Hereditary angioedema is a rare genetic disorder characterized by unpredictable swelling attacks, which can be life-threatening if they affect the airway. BioCryst, based in Durham, North Carolina, already markets Orladeyo, a once-daily oral medication that blocks kallikrein, a protein involved in these swelling episodes. The acquisition of Astria, located in Boston, introduces a new injectable kallikrein inhibitor called navenibart, specifically designed for less frequent dosing.

New Treatment Options on the Horizon

Astria has initiated a global Phase 3 clinical trial for navenibart, with preliminary results expected in early 2027. The trial is evaluating various dosing regimens, including a starting dose of 600 mg followed by either 300 mg every three months or 600 mg every six months. The primary objective is to assess the reduction in HAE attacks over a six-month period.

BioCryst recognizes the growing competition in the HAE treatment market, notably from Takeda Pharmaceutical’s Takhzyro, which has been a dominant player since its 2018 FDA approval. Takhzyro is administered via subcutaneous injection every two weeks, with some patients extending to a four-week interval. The landscape became even more competitive over the summer with the FDA’s approval of two new prophylactic treatments: Andembry from CSL Behring and Dawnzera from Ionis Pharmaceuticals.

BioCryst believes that navenibart could emerge as a preferred choice due to its potential for less frequent dosing. In a recent investor presentation, the company indicated that if the three- or six-month injection regimen proves effective, it could become the leading injectable HAE therapy.

Strategic Financial Moves and Future Projections

BioCryst’s acquisition strategy not only enhances its HAE portfolio but also aligns with its broader goal of achieving significant revenue growth. The company reported $437.6 million in sales for Orladeyo last year, with projections indicating revenues could reach $550 million by 2025. This estimate excludes the European Union, where rights to Orladeyo are held by Italy-based Neopharmed Gentili.

The projected revenue for BioCryst’s HAE portfolio is anticipated to exceed $1 billion by 2029 and potentially reach over $1.8 billion by 2033. These figures underscore the strategic importance of the Astria acquisition, which is expected to enhance revenue streams as Orladeyo sales stabilize.

To finance the acquisition, BioCryst has secured up to $550 million in debt financing managed by Blackstone, with part of these funds allocated to the cash component of the Astria deal. The terms of the acquisition include a combination of cash and BioCryst stock, valuing Astria’s shares at approximately $13 each, representing a 53% premium over the stock’s closing price before the announcement.

Upon completion, expected in the first quarter of 2026, Astria CEO Jill Milne will join the BioCryst board, and Astria shareholders will hold about 15% of the combined entity. While Astria has other assets in its pipeline, such as STAR-0310 for atopic dermatitis, BioCryst plans to explore alternatives for this product, focusing instead on its rare disease strategy.

As the HAE market continues to evolve, BioCryst’s acquisition of Astria positions it to not only compete effectively but also to lead with innovative treatment options that respond to patient needs for less burdensome dosing regimens.