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BioCryst Pharmaceuticals, Inc. (NASDAQ:BCRX) on Tuesday agreed to acquire Astria Therapeutics, Inc. (NASDAQ:ATXS) for a mix of cash and stock.
The deal represents an implied value of $13 per Astria share, and approximately $700 million in enterprise value.
BioCryst will acquire all outstanding shares of Astria for consideration per share consisting of $8.55 in cash and 0.59 shares of BioCryst stock.
Astria is a biopharmaceutical company focused on developing therapies for allergic and immunologic diseases.
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The transaction is expected in the first quarter of 2026.
Astria’s lead product candidate, Navenibart, is an injectable, long-acting, monoclonal antibody inhibitor of plasma kallikrein for hereditary angioedema (HAE) prophylaxis.
The company said in a press release on Tuesday that Navenibart’s clinical profile and highly differentiated every 3- and 6-month administration schedule could offer significant improvements over existing injectable options.
BioCryst’s established commercialization infrastructure and deep expertise in HAE are expected to maximize the reach of navenibart, expanding access for patients.
With the addition of navenibart, BioCryst’s portfolio will include an oral and potential injectable therapy for HAE.
Upon closing the transaction, BioCryst will also obtain Astria’s early-stage program for atopic dermatitis, STAR-0310. BioCryst plans to seek strategic alternatives for this asset.
“We believe this transaction gives BioCryst a perfect second product candidate that fits seamlessly with our HAE core competency and enables us to build out a comprehensive portfolio that could offer the most patient-friendly option, regardless of administration preference,” said Jon Stonehouse, Chief Executive Officer of BioCryst.
Navenibart is in Phase 3 clinical development with topline data from the pivotal ALPHA-ORBIT trial expected in early 2027.
Rationale
BioCryst anticipates a navenibart commercial launch into an addressable market of over 5,000 patients treated with injectable prophylaxis.
The addition of navenibart can potentially extend BioCryst’s runway for double-digit revenue growth through the next decade.
BioCryst anticipates continued profitability and positive cash flow post-transaction.
BioCryst expects the transaction to be accretive to adjusted operating profit in the first full year of revenue after navenibart’s anticipated launch.
As part of this transaction, BioCryst has also entered into a debt commitment letter for a strategic financing facility with funds managed by Blackstone with a total capacity of up to $550 million.
BioCryst expects the cash portion of the total consideration to be funded with cash on hand and a portion of the Blackstone facility.
Astria stockholders will own approximately 15% of pro forma equity in the combined company.
BCRX Price Action: BioCryst Pharma shares were down 5.40% at $6.66 at the time of publication on Tuesday. The stock is near its 52-week low of $6.01, according to Benzinga Pro data.
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