BioCryst to Acquire Astria Therapeutics in $920 Million Deal
The acquisition strengthens BioCryst's position in the HAE market with the addition of a late-stage drug candidate, navenibart.
BioCryst Pharmaceuticals has agreed to acquire Astria Therapeutics in a deal with an aggregate equity value of approximately $920 million, a strategic move designed to solidify its leadership in the treatment of Hereditary Angioedema (HAE).
The acquisition, , will see Astria shareholders receive $8.55 in cash and 0.59 shares of BioCryst common stock for each Astria share they hold. This represents an implied price of $13.00 per share, a significant 53% premium over Astria's closing price on the Monday before the deal was made public.
The centerpiece of the acquisition is Astria's lead asset, navenibart, a late-stage drug candidate for treating HAE, a rare genetic disorder. Navenibart is a long-acting plasma kallikrein inhibitor currently in Phase 3 development that shows potential for administration every three to six months, a significant improvement over current injectable treatments. BioCryst executives stated the deal is expected to create a for its HAE portfolio over the next decade.
Astria's stock had shown strong momentum leading up to the announcement, gaining over 100% in the preceding six months, validating the potential of its lead drug. The transaction was unanimously approved by the boards of directors of both companies. Following the acquisition, BioCryst expects to remain profitable on a non-GAAP basis and maintain positive cash flow, according to .
The deal is expected to close in the first quarter of 2026, subject to customary closing conditions and regulatory approvals. This strategic acquisition not only provides a successful exit for Astria shareholders but also positions BioCryst to transform its long-term revenue growth and enhance its competitive standing in the HAE therapeutic area.