BioCryst Pharmaceuticals agreed to acquire Astria Therapeutics in a roughly $700 million cash-and-stock deal to add a long-acting injectable hereditary angioedema (HAE) candidate to its portfolio. The acquisition transfers late-stage program navenibart to BioCryst and positions the company to compete with established injectable prevention therapies, including Takeda’s Takhzyro. Analysts view the deal as a focused bet to expand BioCryst’s HAE franchise and diversify beyond its oral therapy Orladeyo. The transaction combines Astria’s Phase 3-stage asset with BioCryst’s commercial infrastructure and existing HAE revenue stream. Deal terms include cash and equity consideration with an implied value of about $13 per Astria share; the buyout is expected to close in early 2026. BioCryst said the move will accelerate development of a long-acting preventive option that could be dosed every three to six months. Investors priced the deal as strategic consolidation in a competitive orphan-disease market: BioCryst expects the acquired asset to complement its pill and bolster long-term revenue projections for the HAE franchise. The companies flagged Phase 3 data milestones in 2027, and analysts noted the acquisition reduces BioCryst’s need to invest heavily in earlier-stage orphan programs while expanding its product mix.