RESEARCH TRIANGLE PARK, N.C., Jan. 23, 2026 (GLOBE NEWSWIRE) -- BioCryst Pharmaceuticals, Inc. (Nasdaq: BCRX) today announced that it has completed its acquisition of Astria Therapeutics, Inc., initially announced on October 14, 2025. The transaction strengthens its position as a leader in hereditary angioedema (HAE) and enhances the company’s long-term growth trajectory. BioCryst adds navenibart, a late-stage, long-acting plasma kallikrein inhibitor currently in Phase 3 clinical development, to its HAE por ...

Financial Performance and Outlook - BioCryst achieved its first full year of profitability in 2025[13] - Preliminary ORLADEYO revenue for 2025 reached $601 million, with $563 million excluding European revenue[14] - The company anticipates ORLADEYO revenue between $625 million and $645 million in 2026[14] - Total revenue for 2026 is projected to be in the range of $635 million to $660 million[14] - Non-GAAP operating expenses for 2026 are expected to be between $380 million and $390 million, and $450 million to $470 million including the Astria acquisition[14] - BioCryst expects to have a cash balance of over $1 billion by 2029[37,52] Strategic Initiatives and Pipeline - BioCryst is acquiring Astria Therapeutics for approximately $700 million TEV to strengthen its HAE portfolio with navenibart[35] - ORLADEYO has a sustainable peak revenue opportunity of $1 billion, with IP protection extending into 2040[20] - The company received FDA approval for ORLADEYO pellet formulation for pediatric patients aged 2 to under 12 with HAE[13] - BCX17725 is being developed as a targeted KLK5 inhibitor for Netherton syndrome, with Phase 1 data from Part 4 expected by the end of 2026[54,69]

Group 1: Artiva Biotherapeutics - Artiva is developing AlloNK, a natural killer (NK) cell-based therapy for autoimmune diseases and cancers, with ongoing clinical trials for conditions like refractory rheumatoid arthritis (RA) and systemic lupus erythematosus (SLE) [2][6] - The FDA granted Fast Track designation to AlloNK for refractory RA, highlighting its potential to meet the needs of over 150,000 U.S. patients who have not responded to existing treatments [6] - Recent data from 32 patients treated with AlloNK showed no cases of cytokine release syndrome or neurotoxicity, with all patients achieving complete B-cell depletion by Day 13 [7] Group 2: Market Potential and Analyst Ratings - Wedbush analyst Martin Fan projects a price target of $23 for Artiva, indicating a potential upside of approximately 600% over the next 12 months, supported by a Strong Buy consensus from analysts [10] - The SPDR S&P Biotech ETF (XBI) has increased by about 37% year-to-date, suggesting a growing interest in the biotech sector amid a pause in AI market leadership [4] - Artiva's shares are currently trading at $3.30, which is below its cash value of $5 per share, indicating potential for substantial appreciation as clinical data emerges [10] Group 3: BioCryst Pharmaceuticals - BioCryst has transitioned into a profitable biotech company, driven by its focus on rare diseases and the success of its drug Orladeyo, which generated $159.1 million in net revenue for Q3 2025, a 37% year-over-year increase [14][15] - The FDA recently approved an oral pellet formulation of Orladeyo for pediatric patients, expanding its market reach and potential revenue, with estimates suggesting it could generate $1 billion in peak annual revenue by 2029 [15] - BioCryst's stock is trading at $7.57, with an average price target of $19.27, implying a potential gain of 154% over the next 12 months, supported by a Strong Buy consensus from analysts [19]

ORLADEYO Performance and Outlook - ORLADEYO revenue continues strong growth, with a 37% year-over-year increase in Q3 2025[15] - The FY25 guidance range for ORLADEYO revenue has been raised to $590-600 million[17] - Market research reaffirms a strong outlook for ORLADEYO, with an estimated patient LTP share of 24% in 2034[19] - BioCryst anticipates a sustainable $1 billion peak revenue opportunity for ORLADEYO, with a contribution margin exceeding 80%[14] Astria Acquisition and HAE Portfolio Expansion - BioCryst is set to acquire Astria for approximately $700 million TEV, aiming to strengthen its presence in the HAE market[30] - The acquisition is expected to transform BioCryst's revenue profile, projecting a 10+ year double-digit portfolio CAGR[30] - Post-transaction, BioCryst anticipates maintaining profitability (non-GAAP) and positive cash flow[31] - By 2029, the company expects a cash balance of over $1 billion, providing flexibility for future growth opportunities[32] Pipeline Development - Navenibart presents an opportunity to target 5,000+ patients in the US[34] - BCX17725, a targeted KLK5 inhibitor, is under development for Netherton syndrome, with initial Phase 1 data expected by the end of Q1 2026[59]

Core Insights - BioCryst Pharmaceuticals reported a strong Q3 2025 performance, with ORLADEYO net revenue reaching $159.1 million, a 37% increase year-over-year [1][6][8] - The company raised its FY 2025 revenue guidance for ORLADEYO to between $590 million and $600 million, while lowering non-GAAP operating expense guidance to between $430 million and $440 million [1][17] - BioCryst completed the sale of its European ORLADEYO business, using the proceeds to retire all remaining Pharmakon term debt [1][15] - A definitive agreement was signed to acquire Astria Therapeutics, expected to close in Q1 2026, which will enhance BioCryst's HAE portfolio [1][15] Financial Performance - Total revenues for Q3 2025 were $159.4 million, up 36% from $117.1 million in Q3 2024 [8] - Operating profit for Q3 2025 was $29.6 million, a significant increase of 285% year-over-year, with non-GAAP operating profit at $51.7 million, up 107% [1][11] - Net income for Q3 2025 was $12.9 million, or $0.06 per share, compared to a net loss of $14.0 million, or $0.07 per share, in Q3 2024 [13][27] Market Dynamics - ORLADEYO demand remained strong, with new patient prescriptions slightly exceeding those in Q3 2024 despite new competitors entering the market [4][6] - The U.S. market contributed 89% of global ORLADEYO net revenues in Q3 2025, indicating strong domestic performance [6] Strategic Moves - The sale of the European ORLADEYO business has strengthened the company's financial position and allowed for debt repayment [2][15] - The acquisition of Astria Therapeutics is anticipated to provide opportunities for sustainable growth and profitability in the HAE market [2][15] Research and Development - R&D expenses for Q3 2025 increased to $44.6 million, primarily due to advancements in clinical programs [9] - The company is progressing with clinical trials for BCX17725 and avoralstat, with initial data expected by early 2026 [15]

Core Insights - BioCryst Pharmaceuticals (BCRX) shares increased by 6.1% to $6.81, following a significant trading volume, contrasting with a 17.2% decline over the past month [1][2] Company Developments - The stock surge is attributed to a $700 million acquisition agreement for Astria Therapeutics, which will enhance BCRX's pipeline with navenibart, a long-acting injectable therapy for hereditary angioedema (HAE) [2] - The acquisition is expected to drive double-digit revenue growth, profit accretion, and rapid market adoption, indicating a strategic fit with BCRX's existing commercialization platform [2] Financial Performance Expectations - BioCryst is projected to report quarterly earnings of $0.06 per share, reflecting a year-over-year increase of 185.7%, with revenues anticipated at $161.15 million, a 37.6% rise from the previous year [3] - However, the consensus EPS estimate has been revised down by 4.8% over the last month, which may impact future stock price movements [4] Industry Context - BioCryst is categorized under the Zacks Medical - Drugs industry, where Ironwood Pharmaceuticals (IRWD) also operates, having seen an 8.8% increase in its stock price recently [4] - Ironwood's EPS estimate remains unchanged at $0.09, indicating a significant year-over-year change of 350% [5]

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].

Acquisition Overview - BioCryst is set to acquire Astria for approximately $700 million in total enterprise value [14, 37] - Astria stockholders are expected to own 15% of the pro forma equity [37] - The transaction is expected to close in Q1 2026 [38] Strategic Rationale - The acquisition expands and strengthens BioCryst's presence in the HAE market [14] - It is expected to transform BioCryst's revenue profile through the next decade, with double-digit portfolio CAGR [14] - The acquisition reinforces operational and financial excellence with continued profitability (non-GAAP) and cash flow generation expected [39] Navenibart Potential - Navenibart, Astria's late-stage asset, has the potential to be a best-in-class injectable prophylactic therapy for HAE [14, 39] - Phase 1b/2 data indicates potential for best-in-class efficacy with a favorable safety profile, and infrequent 3-to-6-month dosing [14, 17] - Navenibart could address a market of 5,000+ patients in the US [22] Financial Impact - BioCryst expects to remain profitable (non-GAAP) and cash flow positive post-transaction [14, 37] - The transaction is expected to be significantly accretive to operating profit (non-GAAP) in the first full year of launch [37] - BioCryst anticipates a cash balance of over $1 billion by 2029 [14, 35]

Core Insights - BioCryst Pharmaceuticals has agreed to acquire Astria Therapeutics, focusing on developing therapies for allergic and immunologic diseases, with an implied value of $13.00 per Astria share and an enterprise value of approximately $700 million [2][10][12] - The acquisition is expected to enhance BioCryst's hereditary angioedema (HAE) portfolio, particularly with the addition of navenibart, a late-stage plasma kallikrein inhibitor in Phase 3 clinical development [1][3][7] - BioCryst anticipates maintaining profitability and positive cash flow post-transaction, with a projected double-digit revenue growth trajectory over the next decade [1][15] Transaction Details - The acquisition involves a mix of cash and stock, specifically $8.55 in cash and 0.59 shares of BioCryst common stock per Astria share, reflecting a premium of approximately 53% over Astria's closing share price on October 13, 2025 [10][12] - The transaction has been unanimously approved by the boards of both companies and is expected to close in the first quarter of 2026, pending regulatory approvals [2][12] Product and Market Insights - Navenibart is positioned as a potentially best-in-class injectable therapy for HAE, with a differentiated administration schedule of every 3- and 6-months, addressing unmet needs in the patient community [3][4][7] - BioCryst's established commercialization infrastructure is expected to maximize navenibart's market reach, leveraging its experience in HAE to drive growth and patient access [4][8][15] Financial Implications - The transaction is expected to be accretive to operating profit in the first full year after navenibart's anticipated launch, with significant operating synergies projected [15] - BioCryst has recently paid off its remaining debt and secured a strategic financing facility with Blackstone, totaling up to $550 million, to support the cash portion of the acquisition [11]

Core Viewpoint - Astria Therapeutics is positioned as a promising investment opportunity with a consensus rating of "Strong Buy" from analysts, indicating significant potential upside in its stock price over the next year [1][15]. Financial Performance - In Q2, Astria reported a net loss of $33.1 million, or $0.57 per share, with R&D expenses rising to $25.9 million due to costs associated with navenibart's Phase 3 trial [2]. - The company ended Q2 with cash, cash equivalents, and short-term investments totaling $259.2 million, which is expected to support operations through 2028 [2]. Product Development - Astria's lead program, navenibart, is a monoclonal antibody currently in Phase 3 clinical trials for hereditary angioedema (HAE) [3]. - Top-line results from the ALPHA-ORBIT Phase 3 trial are anticipated in early 2027, with collaboration established with Kaken Pharmaceutical for development in Japan [3]. Industry Context - The biotech sector is characterized by high-risk, high-reward dynamics, particularly in clinical trials, which can significantly impact stock valuations [4]. - The overall consensus for Astria stock reflects strong analyst confidence, with an average price target of $29.89 suggesting a potential upside of 253.7% from current levels [1].