BioCryst Completes $700M Acquisition of Astria

BioCryst Pharmaceuticals has completed its acquisition of Astria Therapeutics, a deal initially announced October 14, 2025. The transaction was completed for an implied transaction value of approximately $700 million, net of Astria’s cash at closing.

BioCryst adds navenibart, a late-stage long-acting plasma kallikrein inhibitor currently in Phase 3, to its hereditary angioedema (HAE) portfolio. The company expects navenibart could enable every-three and every-six month dosing with high attack control. BioCryst financed the cash portion with cash on hand and approximately $396.6 million drawn from a financing facility managed by Blackstone, and issued approximately 37.3 million shares to Astria equity holders.

BioCryst also obtains STAR0310, an early-stage atopic dermatitis program, and plans to pursue strategic alternatives for it.