In a bold move that strengthens its foothold in the rare disease and immunology market, BioCryst Pharmaceuticals Inc. announced Tuesday that it will acquire Astria Therapeutics Inc. in a cash-and-stock transaction valued at approximately $700 million.
The biopharmaceutical power play brings together BioCryst’s commercialization muscle and Astria’s innovative research pipeline, signaling a new era in therapies for hereditary angioedema (HAE) and allergic and immunologic disorders.
Under the agreement, BioCryst will purchase all outstanding Astria shares for $8.55 in cash plus 0.59 BioCryst shares, representing an implied value of about $13 per share — a 53% premium over Astria’s October 13 closing price. The announcement sent Astria’s stock soaring more than 40% by Tuesday afternoon.
When the deal closes, expected in the first quarter of 2026, Astria shareholders will own roughly 15% of the combined company. To fund the transaction, BioCryst secured a $550 million debt commitment from funds managed by Blackstone.
