Biocryst Pharmaceuticals agreed to acquire Astria Therapeutics for roughly $700 million in cash and stock to add Astria’s long‑acting injectable navenibart, a plasma kallikrein inhibitor in late‑stage testing for hereditary angioedema (HAE). The deal consolidates Biocryst’s position in HAE alongside its oral therapy portfolio and aims to expand dosing convenience for preventative therapy. Per terms, Astria shareholders will receive cash plus BioCryst shares. Analysts noted the acquisition plugs a near‑term product gap for Biocryst and supplies a long‑acting injectable that could compete with existing prophylactic injectables if phase 3 data confirm efficacy and safety. The buyout is expected to close in early 2026. The transaction reflects continuing M&A activity in rare disease where incumbents seek durable franchises via complementary modalities and dosing formats.