BioCryst Pharmaceuticals Inc. has agreed to acquire Astria Therapeutics Inc. in a cash-and-stock transaction valued at approximately $700 million, or $13.00 per Astria share. The deal, approved unanimously by both companies’ boards, is expected to close in Q1 2026 pending regulatory and shareholder approvals.

Astria’s lead asset, navenibart, is a long-acting injectable monoclonal antibody in Phase 3 development for hereditary angioedema (HAE) prophylaxis. BioCryst, which markets the oral HAE therapy Orladeyo, aims to leverage its commercial infrastructure to position navenibart as a complementary option for patients preferring infrequent dosing.

The acquisition also includes Astria’s early-stage atopic dermatitis candidate, STAR-0310, for which BioCryst plans to explore strategic alternatives.

Under the terms, Astria shareholders will receive $8.55 in cash and 0.59 BioCryst shares per Astria share, representing a 53% premium over Astria’s October 13 closing price. Post-transaction, Astria shareholders will own roughly 15% of the combined company.

BioCryst has secured a financing facility of up to $550 million from Blackstone to support the deal and recently retired its debt with Pharmakon following the sale of its European business.

Astria CEO Jill Milne will join BioCryst’s board upon closing.

Other Pharma Industry Acquisitions

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