Each new outbreak of H5NI bird flu serves to remind us that we may only be a short step away from the next global influenza pandemic. Led by the World Health Organization (WHO), the global preparedness plan has driven the market for influenza vaccines and antivirals far beyond its natural boundaries. Concerns with the safety and effectiveness of current antivirals have created a clinical need which BioCryst#8217;s novel neuraminidase inhibitor peramivir could fill. This article looks at BioCryst#8217;s recent deal with Shionogi to develop peramivir for the Japanese market, discusses the drug#8217;s long and arduous development journey so far and places it into the context of the current influenza market.