By Siddhi Mahatole (Reuters) -BioCryst Pharmaceuticals said on Tuesday it would buy Astria Therapeutics in a cash-and-stock deal valued at about $700 million, strengthening its rare diseases portfolio. The offer implies a per-share value of $13, a premium of about 54% over Astria’s last close. Its shares surged nearly 40%, while BioCryst fell nearly 7%. […]
Health
BioCryst deepens rare diseases focus with $700 million deal for Astria
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By Siddhi Mahatole
(Reuters) -BioCryst Pharmaceuticals said on Tuesday it would buy Astria Therapeutics in a cash-and-stock deal valued at about $700 million, strengthening its rare diseases portfolio.
The offer implies a per-share value of $13, a premium of about 54% over Astria’s last close. Its shares surged nearly 40%, while BioCryst fell nearly 7%.
BioCryst will fund the deal, expected to close in the first quarter of 2026, with cash on hand and debt of up to $550 million raised from funds managed by Blackstone.
Astria’s lead drug candidate, navenibart, is being developed in a late-stage study to prevent hereditary angioedema (HAE), a rare and potentially life-threatening condition. It expects the trial data in early 2027.
The long-acting injectable therapy is designed for dosing every three to six months, which could offer a more convenient alternative to existing treatments.
HAE causes swelling of arms, face, legs and intestinal tract.
BioCryst expects to spend less for commercialising navenibart, Chief Financial Officer Babar Ghias said as it has put in place “one of the best commercial engines in the rare disease space”.
While the deal uses a fair amount of BioCryst’s resources, investing in a derisked HAE asset is a smarter move than backing riskier early-stage programs, said Brian Abrahams, analyst at RBC Capital Markets.
BioCryst, which already markets the once-daily oral drug Orladeyo for HAE, said the acquisition would allow it to offer both oral and injectable options for the condition.
It expects the HAE portfolio could drive double-digit annual revenue growth that will reach at least $1.8 billion by 2033.
The company expects Orladeyo to bring in $580 million to $600 million for 2025.
The drugmaker plans to seek strategic alternatives for Astria’s early-stage program STAR-0310 for atopic dermatitis.
Astria CEO Jill Milne will join BioCryst’s board after the deal is completed.
(Reporting by Siddhi Mahatole in Bengaluru; Editing by Shilpi Majumdar and Sriraj Kalluvila)