Astria Therapeutics stock soars after BioCryst acquisition announcement, BioCryst falls

Investing.com -- Astria Therapeutics (NASDAQ:ATXS) stock surged 30% on Tuesday after BioCryst Pharmaceuticals (NASDAQ:BCRX) announced it would acquire the company in a cash and stock deal. Meanwhile, BioCryst shares fell 10% following the news.

The transaction values Astria at approximately $13.00 per share, representing a 53% premium over Astria’s closing price on October 13, and implies an enterprise value of approximately $700 million. Under the agreement terms, Astria shareholders will receive $8.55 in cash and 0.59 shares of BioCryst common stock for each Astria share they own.

BioCryst is acquiring Astria primarily for navenibart, a late-stage, long-acting plasma kallikrein inhibitor currently in Phase 3 clinical development for hereditary angioedema (HAE) prophylaxis. The drug candidate features a potentially differentiated dosing schedule of every three to six months, which could offer advantages over existing injectable treatments.

The acquisition is expected to bolster BioCryst’s HAE portfolio, adding a potentially best-in-class injectable therapy alongside its existing oral treatment Orladeyo. Top-line data from navenibart’s pivotal ALPHA-ORBIT trial is anticipated 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.

BioCryst expects to remain profitable on a non-GAAP basis and cash flow positive following the transaction. The company projects the deal will be accretive to operating profit in the first full year after navenibart’s launch.

The acquisition is expected to close in the first quarter of 2026, subject to regulatory approvals and Astria shareholder approval. Upon closing, Astria CEO Jill C. Milne will join BioCryst’s board of directors.

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