Overview
- Astria shareholders will receive $8.55 in cash plus 0.59 BioCryst shares per Astria share, an implied $13 value and roughly a 53% premium, for an enterprise value of about $700 million.
- The companies expect to close in the first quarter of 2026, backed by a Blackstone-managed financing facility with capacity up to $550 million to fund the cash portion.
- Navenibart, a long-acting plasma kallikrein inhibitor for hereditary angioedema prophylaxis, is in Phase 3 with topline ALPHA-ORBIT data expected in early 2027.
- BioCryst says the deal creates a complementary HAE portfolio spanning its oral therapy Orladeyo and a potential infrequently dosed injectable; Astria holders are set to own about 15% of the combined company.
- Boards of both companies unanimously approved the transaction, Astria CEO Jill Milne is slated to join BioCryst’s board, and analysts cite dosing differentiation with expectations for profitability accretion after launch, including a $1.8 billion HAE revenue outlook by 2033.