BioCryst Pharmaceuticals plans to buy Astria Therapeutics for $700 million to bolster its treatments for people suffering from a rare swelling disease.
Durham-based BioCryst agreed to acquire all outstanding shares of Astria for $8.55 in cash and 0.59 shares of BioCryst common stock, according to a statement earlier today. The terms reflect an implied value of $13 per share of Astria – an approximately 53% premium over yesterday’s closing price — and approximately $700 million in enterprise value.
Astria shares surged more than 38% to $11.73 around 2 p.m. Tuesday. BioCryst sank 11% to $6.22 in the same time.
As competition with rival drugmakers heats up, BioCryst is getting Astria’s Navenibart, an injectable treatment in late-stage clinical trial for the treatment of hereditary angioedema (HAE). BioCryst already produces Orladeyo, a pill that treats the rare genetic condition that causes repeat episodes of severe swelling in the body.
“We believe Navenibart is a perfect-fit next product for our company,” BioCryst CEO Jon Stonehouse told analysts on a call. “This strategic move will be the source of the next product to market” in the company’s treatment options for HAE.
The transaction is slated to close in the first quarter of 2026. Based on basic shares outstanding, stockholders of Boston-based Astria will own about 15% of proforma equity in the combined company.
Competition is intensifying as BioCryst deepens its investment in the area of drug research, BioPharma Dive posted today. “Multiple marketed medicines are available that can help either prevent the potentially life-threatening swelling attacks people experience, or treat symptoms when they occur,” it said.
“Orladeyo doesn’t completely eliminate attacks, and it faces competition from multiple other emerging competitors,” the newsletter said. “The drug BioCryst is acquiring from Astria, then, could plug a hole, adding a therapy with the potential to be dosed every three to six months.”
BioCryst said combining the two drugs positions the company for continued double-digit revenue growth through the next decade. In the three months through June, revenue climbed nearly 50% to $163.4 million from $109.3 million a year earlier.
BioCryst has a market capitalization of about $1.3 billion. The company employed 579 workers as of Dec. 31, including 455 who worked in the U.S. Its median wage last year was $274,492. Astria has a market capitalization of about $662 million and employed 85 workers as of March 31.
RTP’s BioCryst to buy Astria for $700 million
