By Grace Yoon
BioCryst said it would discontinue its internal discovery programs and prioritize external innovation, in an effort to strengthen its rare-disease pipeline.
As part of the shift, BioCryst will close down its Discovery Center of Excellence facility in Birmingham, Ala., the biotechnology company said.
Chief Executive Charlie Gayer said that by focusing on external capabilities and partnerships the company would be able develop rare-disease therapies in a more capital-efficient manner.
The company also said it resolved the manufacturing delay of Orladeyo oral pellets, adding that the product is set to be available in early August.
BioCryst said it's focusing on advancing its Navenibart investigational drug for prophylaxis of hereditary angioedema and BCX17725, its investigational inhibitor for a rare skin condition called Netherton syndrome.
BioCryst reaffirmed its fiscal year guidance for revenue, but lowered its outlook for adjusted operating expenses to between $420 million and $440 million from between $450 million and $470 million.
It said it expects to lower its cost structure beyond 2026, in part due to the wind-down of the Birmingham facility.
Shares were down 3.7% to $9.57.
Write to Grace Yoon at grace.yoon@wsj.com