BioCryst agreed to acquire Astria Therapeutics for roughly $700 million in cash and stock to add Astria’s long‑acting injectable navenibart to its hereditary angioedema (HAE) portfolio. The deal pairs BioCryst’s marketed oral HAE therapy with a broadly dosed biologic and accelerates the company’s push into once‑every‑three‑to‑six‑month prophylaxis options. BioCryst framed the acquisition as portfolio consolidation to build a multi‑modal HAE franchise and projected substantial future revenue upside. Analysts noted the strategic logic but flagged near‑term dilution and integration risk.