BOSTON — BioCryst Pharmaceuticals, Inc. (Nasdaq: BCRX) and Astria Therapeutics, Inc. (Nasdaq: ATXS) have announced a definitive agreement under which BioCryst will acquire Astria for an implied enterprise value of approximately $700 million. The deal, unanimously approved by both companies’ boards of directors, is expected to close in the first quarter of 2026, subject to customary closing conditions. Upon completion, Jill C. Milne, Ph.D., Chief Executive Officer of Astria Therapeutics, will join the BioCryst board of directors.
The transaction adds Astria’s lead product candidate, navenibart, a long-acting, injectable monoclonal antibody inhibitor of plasma kallikrein currently in Phase 3 clinical development for hereditary angioedema (HAE) prophylaxis. With its every 3- and 6-month dosing schedule and favorable safety profile, navenibart is positioned as a potential best-in-class treatment designed to reduce injection frequency and improve patient quality of life.
By integrating navenibart into its existing HAE portfolio, which includes the oral therapy Orladeyo, BioCryst expects to offer both oral and injectable treatment options for patients. The company also gains Astria’s early-stage atopic dermatitis program, STAR-0310, for which it plans to seek strategic alternatives.
“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. “With Orladeyo and navenibart, we are well-positioned to drive sustainable growth and profitability while optimally serving the HAE patient community.”
“We are thrilled to have navenibart become an integral part of BioCryst’s HAE portfolio,” said Jill C. Milne, Ph.D., Chief Executive Officer of Astria Therapeutics. “This transaction represents a compelling outcome for Astria stockholders and an important milestone in bringing better treatment options to patients with HAE.”
Under the agreement, Astria shareholders will receive $8.55 in cash and 0.59 shares of BioCryst common stock for each Astria share, representing a total implied value of $13.00 per share and approximately a 53 percent premium over Astria’s closing share price on October 13, 2025. Astria stockholders are expected to own about 15 percent of the combined company following the transaction.
BioCryst has entered into a debt commitment letter for up to $550 million with funds managed by Blackstone and will fund the cash portion of the transaction with existing cash and a portion of the facility. The company expects to remain profitable (non-GAAP) and cash flow positive after the acquisition.
The acquisition strengthens BioCryst’s long-term growth outlook, supporting a double-digit revenue trajectory for its HAE portfolio over the next decade and expanding its leadership in rare disease therapeutics.
