BioCryst to buy Astria Therapeutics for $700m in enterprise value

Core Viewpoint - BioCryst Pharmaceuticals is acquiring Astria Therapeutics for an implied $13 per share, resulting in an enterprise value of approximately $700 million, with the transaction expected to close in Q1 2026 [1][2]. Group 1: Acquisition Details - The acquisition will be financed through a combination of BioCryst's available cash and a strategic financing facility of up to $550 million from Blackstone-managed funds [3][4]. - Astria's CEO, Jill Milne, will join BioCryst's board of directors upon completion of the acquisition [1]. Group 2: Strategic Benefits - The acquisition is aimed at expanding BioCryst's portfolio with a late-stage product candidate, navenibart, which is in Phase III clinical development for hereditary angioedema (HAE) [2][5]. - Navenibart is expected to offer advantages over current treatments due to its extended administration schedule of every three to six months [2]. Group 3: Future Prospects - BioCryst's existing commercialization infrastructure and expertise in HAE will enhance the distribution of navenibart [3]. - The company is also acquiring Astria's early-stage atopic dermatitis program, STAR-0310, and is exploring strategic options for this asset [3].