Astria Therapeutics (NASDAQ:ATXS) saw its shares surge 30% on Tuesday after BioCryst Pharmaceuticals (NASDAQ:BCRX) announced a cash-and-stock acquisition of the company. In contrast, BioCryst’s stock fell 10% following the news.
The deal values Astria at approximately $13.00 per share, a 53% premium to its October 13 closing price, and implies an enterprise value of around $700 million. Under the agreement, Astria shareholders will receive $8.55 in cash and 0.59 shares of BioCryst common stock for each Astria share.
BioCryst’s main objective in the acquisition is navenibart, a late-stage, long-acting plasma kallikrein inhibitor currently in Phase 3 clinical trials for hereditary angioedema (HAE) prophylaxis. The candidate stands out for its potentially differentiated dosing regimen of every three to six months, which could provide a meaningful advantage over current injectable options.
The acquisition is set to strengthen BioCryst’s HAE portfolio by adding a promising injectable therapy alongside its existing oral treatment Orladeyo. Top-line results from navenibart’s pivotal ALPHA-ORBIT trial are expected in early 2027.
“We believe this transaction gives BioCryst a perfect second product candidate that fits seamlessly with our HAE core competency and enables us to build out a comprehensive portfolio that could offer the most patient-friendly option, regardless of administration preference,” said Jon Stonehouse, Chief Executive Officer of BioCryst.
The company expects to stay profitable on a non-GAAP basis and cash-flow positive after the deal, projecting it will be accretive to operating profit in the first full year following navenibart’s launch.
The transaction is expected to close in the first quarter of 2026, pending regulatory and shareholder approvals. Once finalized, Jill C. Milne, CEO of Astria, will join BioCryst’s board of directors.
Astria Therapeutics stock price
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