BioCryst To Acquire Astria Therapeutics In $700 Mln Cash-and-Stock Deal

BioCryst Pharmaceuticals

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(RTTNews) - BioCryst Pharmaceuticals, Inc. (BCRX), on Tuesday announced it has entered into a definitive agreement to acquire Astria Therapeutics, Inc. (ATXS), a biopharmaceutical company, for cash and stock valued at approximately $13.00 per Astria share, representing an enterprise value of about $700 million.

The transaction is expected to close in the first quarter of 2026.

Under the agreement, Astria shareholders will receive $8.55 in cash and 0.59 BioCryst shares per Astria share, implying a 53% premium to Astria's October 13 closing price and 71% over its 20-day VWAP.

The company will fund the cash portion through existing cash and a new $550 million debt facility from Blackstone, following the repayment of its remaining Pharmakon debt after selling its European business earlier this month.

The company will also acquire Astria's early-stage atopic dermatitis program, STAR-0310, and plans to explore strategic alternatives for the asset.

Astria shareholders will own about 15% of the combined company upon completion.

Upon completion, Astria CEO Jill Milne will join the company board of directors.

The company expected the transaction to enhance long-term revenue growth, maintain near-term profitability, and generate operating synergies after the anticipated launch of navenibart.

In the pre-market trading, BioCryst Pharmaceuticals is 16.19% lesser at $5.90 on the Nasdaq.