InsideArbitrage Event Driven Monitor – December 4, 2025

Merger Arbitrage

1. ATXS: BioCryst Pharmaceuticals (BCRX) announced that it had received early termination of the waiting period under the HSR Act for its acquisition of Astria Therapeutics (ATXS). BioCryst expects the merger to close in the first quarter of 2026.
2. CVAC: BioNTech (BNTX) announced that 184.07 million shares of CureVac (CVAC), representing approximately 81.74% of CureVac’s outstanding shares, were validly tendered prior to the expiration of the initial offering period on December 3, 2025. CureVac shareholders who have not yet tendered their shares may still tender during the subsequent offering period, which will expire on December 18, 2025.
3. AKRO: Shareholders of Akero Therapeutics (AKRO) approved the company’s merger with Novo Nordisk (NVO) at a special meeting of shareholders held on December 2, 2025. On December 2, 2025, the FTC granted early termination of the waiting period under the HSR Act.

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