BioCryst Pharmaceuticals, Inc. (BCRX) entered a merger agreement on October 14, 2025, to acquire Astria Therapeutics, Inc. (ATXS) in a cash and stock deal valued at $700 million.
BioCryst will acquire all outstanding shares of Astria for consideration per share consisting of $8.55 in cash and 0.59 shares of BioCryst common stock, which reflects an implied value of $13 per share of Astria.
The total implied price is at a premium of 53.48% from the stock’s last close.
Astria Therapeutics is a biopharmaceutical company focused on developing therapies for rare allergic and immunologic diseases, including its lead programs STAR-0215 for hereditary angioedema, which causes sudden swelling episodes, and STAR-0310 for atopic dermatitis, a form of severe eczema.
BioCryst is a biotechnology company developing oral and protein-based therapies for rare and difficult-to-treat diseases, including hereditary angioedema, and has commercialized ORLADEYO while advancing a pipeline of novel treatments.
The deal is expected to close in the first quarter of 2026.
Jill Milne, the Chief Executive Officer of Astria, will join the Board of BioCryst.
BioCryst will also acquire Astria’s early-stage atopic dermatitis program, STAR-0310, and plans to explore strategic options for this asset.
BioCryst has also secured a debt commitment letter for a strategic financing facility with Blackstone-managed funds, providing up to $550 million. The company expects to fund the cash portion of the total consideration using existing cash and part of the Blackstone facility.
Certain Astria stockholders, including all directors, executive officers, and affiliates of Perceptive Advisors, Astria’s largest shareholder, have agreed to vote in favor of the transaction.
Evercore and Sidley Austin have been appointed as financial and legal advisors, respectively, to Astria Therapeutics, while BofA Securities will serve as financial advisor and Covington & Burling as legal counsel to BioCryst Pharmaceuticals.
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Editor’s Note: Baranjot Kaur contributed to this article