BioCryst to buy Astria Therapeutics for $13 per share (update)

_UPDATE: ADDS SHARE MOVEMENTS_

BioCryst Pharmaceuticals (NASDAQ:BCRX [https://seekingalpha.com/symbol/BCRX]) has agreed to acquire biopharmaceutical firm Astria Therapeutics (NASDAQ:ATXS [https://seekingalpha.com/symbol/ATXS]) for a mix of cash and stock representing an implied value of $13.00 per Astria share, and around $700 million in enterprise value.

The implied $13.00 value of the per share merger consideration represents a premium of around 53% over Astria’s closing share price on October 13, 2025. Astria stockholders will own around 15% of proforma equity in the combined company based on basic shares outstanding.

ATXS shares jumped nearly 42% premarket, while BCRX fell as much as 9.1%.

The transaction is expected to close in the first quarter of 2026, upon which Astria CEO Jill Milne will join the BioCryst board of directors. BioCryst anticipates continued profitability (non-GAAP) and positive cash flow post-transaction.

The deal adds Astria’s lead product candidate, navenibart, to BioCryst’s hereditary angioedema (HAE) portfolio. Navenibart is an injectable monoclonal antibody inhibitor of plasma kallikrein for HAE prophylaxis, with every 3- and 6-month administration schedule.

With the addition of navenibart, BioCryst’s portfolio will include both an oral and potentially best-in-class injectable therapy for HAE, empowering physicians and patients with optimal choices for individualized care.

“The addition of navenibart has the potential to extend BioCryst’s runway for double digit revenue growth through the next decade,” the company said [https://seekingalpha.com/pr/20264131-biocryst-to-acquire-astria-therapeutics-strengthening-presence-in-hae-transforming-growth].

BioCryst will also obtain Astria’s early-stage program for atopic dermatitis, STAR-0310, and plans to seek strategic alternatives for this asset. The company will host a conference call today at 8:00 a.m. ET.

MORE ON BIOCRYST PHARMACEUTICALS, ASTRIA THERAPEUTICS

* BioCryst: Blue Light Special In Small-Cap Biotech Aisle [https://seekingalpha.com/article/4826519-biocryst-blue-light-special-in-small-cap-biotech-aisle]
* BioCryst Pharmaceuticals, Inc. (BCRX) Presents at Cantor Global Healthcare Conference 2025 Transcript [https://seekingalpha.com/article/4819873-biocryst-pharmaceuticals-inc-bcrx-presents-at-cantor-global-healthcare-conference-2025]
* Astria Therapeutics, Inc. (ATXS) Presents at Cantor Global Healthcare Conference 2025 Transcript [https://seekingalpha.com/article/4819841-astria-therapeutics-inc-atxs-presents-at-cantor-global-healthcare-conference-2025-transcript]
* BioCryst targets $1B ORLADEYO peak and $700M cash by 2027 as leadership shifts and pipeline advances [https://seekingalpha.com/news/4477455-biocryst-targets-1b-orladeyo-peak-and-700m-cash-by-2027-as-leadership-shifts-and-pipeline]
* BioCryst Pharmaceuticals Non-GAAP EPS of $0.15 beats by $0.12, revenue of $163.4M beats by $13.58M [https://seekingalpha.com/news/4477152-biocryst-pharmaceuticals-non-gaap-eps-of-0_15-beats-by-0_12-revenue-of-163_4m-beats-by-13_58m]