BioCryst Pharmaceuticals announced Tuesday it will acquire Astria Therapeutics in a cash-and-stock transaction valued at approximately $700 million, significantly expanding its rare disease portfolio with a focus on hereditary angioedema (HAE) treatments.
The acquisition, unanimously approved by both companies' boards, offers Astria shareholders $13.00 per share—comprising $8.55 in cash and 0.59 BioCryst shares. This represents a 54% premium over Astria's October 13 closing price, sending Astria shares surging 35.1% in pre-market trading while BioCryst shares rose 3.7% to $7.30.
Strategic Focus on Hereditary Angioedema
The deal centers on Astria's lead asset navenibart, a long-acting injectable monoclonal antibody currently in Phase 3 development for HAE prophylaxis. The therapy is designed for dosing every three to six months, potentially offering a more convenient alternative to existing treatments for this rare and potentially life-threatening condition.
BioCryst already markets Orladeyo, a once-daily oral HAE therapy that generated 34% year-over-year sales growth in 2024. The company expects Orladeyo to bring in $580 million to $600 million in 2025 revenue. The acquisition would allow BioCryst to offer both oral and injectable treatment options for HAE patients, leveraging its existing commercial infrastructure.
"The acquisition would allow it to offer both oral and injectable options for the condition," BioCryst stated, positioning the combined portfolio to serve diverse patient preferences and treatment needs.
Clinical Timeline and Development
Astria expects to report Phase 3 trial data for navenibart in early 2027, providing a critical milestone for the combined company's HAE strategy. The long-acting injectable formulation addresses a key unmet need for patients seeking less frequent dosing regimens compared to current treatment options.
Transaction Structure and Financing
Post-transaction, Astria shareholders will own approximately 15% of the combined company. BioCryst has secured a financing facility of up to $550 million from Blackstone to support the acquisition and recently strengthened its balance sheet by retiring debt with Pharmakon following the sale of its European business.
The transaction is expected to close in the first quarter of 2026, pending regulatory and shareholder approvals. Astria CEO Jill Milne will join BioCryst's board upon deal completion.
Portfolio Optimization
BioCryst plans to explore strategic alternatives for Astria's early-stage atopic dermatitis candidate STAR-0310, indicating a focused approach on maximizing value from the HAE-centered acquisition while potentially divesting non-core assets.
