BioCryst Says Astria Therapeutics $700 Million Deal Gives 'Perfect Second Product Candidate'

Core Viewpoint - BioCryst Pharmaceuticals has agreed to acquire Astria Therapeutics for an implied value of $13 per share, totaling approximately $700 million in enterprise value, with the transaction expected to close in the first quarter of 2026 [1][2]. Acquisition Details - The acquisition will consist of $8.55 in cash and 0.59 shares of BioCryst stock for each share of Astria [1]. - Astria focuses on therapies for allergic and immunologic diseases, with its lead product candidate being Navenibart, an injectable monoclonal antibody for hereditary angioedema (HAE) prophylaxis [3][4]. Strategic Importance - Navenibart's clinical profile and administration schedule could significantly improve treatment options compared to existing therapies [3]. - BioCryst's established infrastructure in HAE is expected to enhance the market reach of Navenibart, which will complement its existing portfolio of oral and potential injectable therapies for HAE [4][5]. Market Potential - The addressable market for Navenibart includes over 5,000 patients currently treated with injectable prophylaxis, potentially driving double-digit revenue growth for BioCryst over the next decade [6]. - The transaction is anticipated to be accretive to adjusted operating profit in the first full year following Navenibart's expected launch [6]. Funding Mechanism - BioCryst has secured a debt commitment letter for a strategic financing facility with Blackstone, with a total capacity of up to $550 million to fund the acquisition [7][8]. - The cash portion of the acquisition will be financed through existing cash and a portion of the Blackstone facility [8]. Shareholder Impact - Following the acquisition, Astria stockholders will own approximately 15% of the pro forma equity in the combined company [8].