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5h ago

BioCryst to Acquire Astria in $700 Million Cash-and-Stock Deal

The purchase adds a late-stage, long-acting HAE prophylactic with Phase 3 results expected in 2027.

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Overview

  • Astria shareholders will receive $8.55 in cash plus 0.59 BioCryst shares per share, implying $13 per share and a roughly 53% premium.
  • The companies target closing in the first quarter of 2026, with Astria investors expected to own about 15% of the combined company.
  • BioCryst secured a financing facility of up to $550 million from Blackstone to help fund the cash portion alongside cash on hand.
  • Lead asset navenibart is a long-acting injectable plasma kallikrein inhibitor for hereditary angioedema prevention with dosing every three to six months and pivotal ALPHA-ORBIT data anticipated in early 2027.
  • The deal complements BioCryst’s marketed HAE pill Orladeyo, which generated about $438 million last year with 2025 guidance up to $600 million, and BioCryst plans to seek strategic alternatives for Astria’s early-stage atopic dermatitis program.