BioCryst Pharmaceuticals To Acquire Astria Therapeutics In $700 Million Cash-and-Stock Deal

BioCryst Pharmaceuticals

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(RTTNews) - BioCryst Pharmaceuticals, Inc. (BCRX) on Tuesday said it has agreed to acquire Astria Therapeutics, Inc. (ATXS) for an enterprise value of about $700 million, to be paid in cash and stock. Following the announcement, Astria shares surged more than 35% in pre-market trading to $11.44.

Under the terms of the deal, Astria shareholders will receive $8.55 in cash and 0.59 shares of BioCryst stock for each Astria share they own. The implied purchase price of $13 per share represents a 53% premium over Astria's closing share price on October 13.

The acquisition adds Astria's lead product candidate navenibart to BioCryst's hereditary angioedema (HAE) portfolio. A Phase 3 study, dubbed ALPHA-ORBIT, evaluating navenibart for HAE prophylaxis is underway, with topline data expected in early 2027. BioCryst will also get Astria's early-stage atopic dermatitis program, STAR-0310, for which it plans to pursue strategic alternatives.

With the addition of navenibart, BioCryst's portfolio will comprise both a leading oral therapy and a potentially best-in-class injectable treatment for HAE, the company said said. BioCryst's oral prophylactic HAE therapy, ORLADEYO, approved in 2020, is currently available in more than 30 countries.

The transaction is expected to close in the first quarter of 2026, after which Astria CEO Jill C. Milne will join BioCryst's board of directors.

BioCryst shares fell more than 11% in pre-market trading. The stock had closed at $7.04, down 2.49% on Monday.