BioCryst announced a cash-and-stock acquisition of Astria Therapeutics that values the buyered company at roughly $700 million and centers on Astria’s long-acting injectable navenibart for hereditary angioedema (HAE). The deal bundles a late-stage preventive antibody into BioCryst’s commercial HAE franchise, which already includes the oral prophylactic Orladeyo. Per terms disclosed, Astria shareholders will receive cash plus BioCryst stock; BioCryst projects the acquired program could provide a less-frequent dosing option than current injectables. Analysts noted the move fills a competitive gap in BioCryst’s portfolio ahead of expected Phase 3 data in 2027 and positions the company to challenge incumbents such as Takeda’s Takhzyro in a crowded HAE market. BioCryst framed the transaction as a strategic pivot to focus on proven, late-stage orphan assets rather than higher-risk early-stage research. The companies expect the deal to close in early 2026 pending customary approvals.