BioCryst to Acquire Astria in $700M Deal to Dominate HAE Market
The acquisition adds a late-stage drug, navenibart, to BioCryst's portfolio, aiming to create a comprehensive treatment platform for Hereditary Angioedema.
BioCryst Pharmaceuticals (BCRX) has announced a definitive agreement to acquire Astria Therapeutics (ATXS) in a cash and stock transaction valued at approximately $700 million. The strategic acquisition, , is set to significantly bolster BioCryst's position in the Hereditary Angioedema (HAE) market by adding a promising late-stage drug to its pipeline.
The deal adds navenibart, a Phase 3 long-acting plasma kallikrein inhibitor, to BioCryst's portfolio, enhancing its growth profile and expanding its therapeutic offerings for HAE patients. The acquisition is structured to provide Astria shareholders with $8.55 in cash and 0.59 shares of BioCryst common stock for each share of Astria they hold, representing a substantial 53% premium over Astria's closing price on the day before the announcement.
Jon Stonehouse, CEO of BioCryst, commented that the acquisition will create a comprehensive HAE franchise, offering both oral and injectable treatment options to a patient population of over 5,000 currently on injectable prophylaxis. The combined company aims to provide a more diverse and complete range of treatments, addressing the unmet needs of the HAE community.
, with the company's shares having gained over 100% in the six months leading up to the announcement. For BioCryst, the acquisition represents a strategic move to solidify its market leadership in HAE, a rare and life-threatening genetic disorder.
With top-line data for navenibart expected in early 2027, the acquisition is a forward-looking investment in BioCryst's long-term growth. The company has stated that it expects to maintain profitability on a non-GAAP basis and remain cash flow positive following the transaction, signaling confidence in the financial viability of the newly combined entity. , with the acquisition likely to be viewed as a significant step in the company's growth trajectory.