BioCryst To Acquire Astria Therapeutics In $700M Deal

BioCryst Pharmaceuticals Inc. (BCRX) announced on Tuesday that it has struck a definitive deal to acquire Astria Therapeutics Inc.(ATXS), a clinical-stage biotech firm developing treatments for rare allergic and immunologic conditions. 

The agreement values Astria at $13.00 per share, totaling approximately $700 million in enterprise value. The acquisition, approved unanimously by both companies’ boards, is expected to close in the first quarter of 2026.

To support the acquisition, BioCryst will fund the $8.55-per-share cash portion through a mix of cash on hand and a new financing facility from Blackstone, which offers up to $550 million in capital. The remainder of the consideration will be paid in BioCryst stock. Astria shareholders will own about 15% of the combined entity upon close.

BioCryst Pharmaceuticals’ stock traded over 8% lower in Tuesday’s premarket. 

Astria’s flagship asset, navenibart, is a long-acting monoclonal antibody designed to prevent hereditary angioedema (HAE) attacks. Currently in Phase 3 trials, it offers a potential shift in care with its quarterly or semi-annual injection schedule. BioCryst aims to integrate navenibart alongside its existing oral therapy for HAE, creating a complementary treatment offering.

“We believe this transaction gives BioCryst a perfect second product candidate that fits seamlessly with our HAE core competency and enables us to build out a comprehensive portfolio that could offer the most patient-friendly option, regardless of administration preference,” said CEO  of BioCryst, Jon Stonehouse. “Navenibart can emerge as the injectable of choice for patients seeking infrequent, pain-free dosing, strong attack control, and a mechanism of action they know and understand.”

The deal gives BioCryst access to a market of roughly 5,000 patients in the U.S. who currently rely on injectable prophylaxis. 

BioCryst Pharmaceuticals’ stock has lost over 5% in the past 12 months. 

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