BioCryst Completes Acquisition of Astria Therapeutics, Expanding Leadership in Hereditary Angioedema 

Rhea-AI Summary

BioCryst (Nasdaq: BCRX) completed its acquisition of Astria Therapeutics on Jan 23, 2026 for an implied value of approximately $700 million (net of Astria cash). The deal adds navenibart, a Phase 3 long‑acting plasma kallikrein inhibitor with potential every‑three and every‑six month dosing, to BioCryst’s hereditary angioedema (HAE) franchise alongside the oral therapy ORLADEYO. BioCryst financed the cash portion using on‑hand cash and approximately $396.6 million drawn from a Blackstone‑managed financing facility, and issued about 37.3 million shares to Astria equity holders. Leadership additions from Astria join BioCryst’s board and technical ranks to support development and commercialization.

Positive

• Adds Phase 3 asset navenibart with q3/q6 month dosing potential
• Acquisition strengthens HAE portfolio alongside ORLADEYO
• Transaction completed for ~$700 million net of cash
• Leadership hires add rare‑disease and CMC expertise

Negative

• Issued ~37.3 million shares to Astria equity holders (dilution risk)
• Drew ~$396.6 million from a financing facility (increases leverage)

News Market Reaction

+0.59%

12 alerts

+0.59% News Effect

+$9M Valuation Impact

$1.51B Market Cap

0.1x Rel. Volume

On the day this news was published, BCRX gained 0.59%, reflecting a mild positive market reaction. Our momentum scanner triggered 12 alerts that day, indicating notable trading interest and price volatility. This price movement added approximately $9M to the company's valuation, bringing the market cap to $1.51B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Implied transaction value: $700 million Debt financing draw: $396.6 million Shares issued: 37.3 million shares +2 more

5 metrics

Implied transaction value $700 million Total value for Astria acquisition, net of Astria’s cash at closing

Debt financing draw $396.6 million Amount drawn from Blackstone-managed financing facility, net of expenses

Shares issued 37.3 million shares BioCryst common stock issued to Astria equity holders at closing

Development stage Phase 3 Navenibart clinical development stage in hereditary angioedema

Dosing interval Every three and six months Potential prophylactic dosing schedule for navenibart in HAE

Market Reality Check

Price: $6.38 Vol: Volume 6,653,489 vs 4,392...

high vol

$6.38 Last Close

Volume Volume 6,653,489 vs 4,392,524 20-day average (relative volume 1.51). high

Technical Trading below 200-day MA of 8.22 with latest price at 6.75, near 52-week low of 6.00 and 40.32% below 52-week high.

Peers on Argus

BCRX was up 0.45% pre-news, while close peers were mixed: HROW down 4.21%, PAHC ...

BCRX was up 0.45% pre-news, while close peers were mixed: HROW down 4.21%, PAHC down 1.26%, AMPH down 0.40%, BGM up 0.52%, and AVDL flat. Moves do not point to a coordinated sector reaction.

Previous Acquisition Reports

2 past events · Latest: Dec 03 (Positive)

Same Type Pattern 2 events

Date	Event	Sentiment	Move	Catalyst
Dec 03	Regulatory clearance step	Positive	+9.6%	Early termination of HSR waiting period for proposed Astria acquisition.
Oct 14	Acquisition announcement	Positive	-8.8%	Agreement to acquire Astria, adding Phase 3 HAE candidate navenibart.

Pattern Detected

Past Astria acquisition headlines produced one strong gain and one notable selloff, indicating mixed market reactions to this deal type.

Recent Company History

Over recent months, BioCryst has focused on acquiring Astria to expand its hereditary angioedema (HAE) franchise. On Oct 14, 2025, it agreed to acquire Astria in a cash-and-stock deal, followed by early termination of the HSR waiting period on Dec 3, 2025. Those steps framed today’s completion of the transaction, which formally adds the Phase 3 asset navenibart and aligns with the earlier strategy to broaden BioCryst’s HAE leadership and growth profile.

Historical Comparison

acquisition

+9.2 %

Average Historical Move

Historical Analysis

Prior Astria acquisition headlines for BCRX showed average moves of 9.23%, with one positive and one negative reaction, underscoring volatile responses to this deal.

Typical Pattern

Acquisition-related news progressed from deal announcement to HSR clearance and now completion, consistently centered on integrating Astria’s HAE candidate navenibart into BioCryst’s portfolio.

Market Pulse Summary

This announcement finalizes BioCryst’s acquisition of Astria, adding the Phase 3 HAE candidate naven...

Analysis

This announcement finalizes BioCryst’s acquisition of Astria, adding the Phase 3 HAE candidate navenibart and an atopic dermatitis program to its portfolio. The deal carries an implied value of about $700 million, funded through cash, a $396.6 million facility draw, and 37.3 million new shares, so leverage and dilution are key considerations. Historically, Astria-related acquisition headlines have produced volatile price reactions, making execution on navenibart’s development and commercialization an important metric to watch.

Key Terms

hereditary angioedema, plasma kallikrein inhibitor, phase 3, atopic dermatitis, +1 more

5 terms

hereditary angioedema medical

"strengthens its position as a leader in hereditary angioedema (HAE)"

A rare inherited disorder that causes sudden, painful swelling under the skin or in internal tissues, including the airway, because a natural blood‑control protein is missing or not working. Attacks can be unpredictable and sometimes life‑threatening, so people often need ongoing medication or emergency treatment. For investors, hereditary angioedema represents a niche but stable market for specialized therapies, diagnostics, and emergency care solutions.

plasma kallikrein inhibitor medical

"a late-stage, long-acting plasma kallikrein inhibitor currently in Phase 3"

A plasma kallikrein inhibitor is a drug that blocks a specific blood protein (plasma kallikrein) involved in processes like swelling, inflammation, and leaking blood vessels; think of it as turning off a faucet that fuels sudden internal swelling. For investors, these drugs matter because their ability to prevent or treat conditions driven by that protein — and their safety, regulatory approval, and market alternatives — strongly affect potential sales, development costs, and competitive value.

phase 3 medical

"plasma kallikrein inhibitor currently in Phase 3 clinical development"

Phase 3 is the late-stage clinical testing step for a new drug or medical treatment, where the product is given to large groups of patients to confirm effectiveness, monitor side effects, and compare it to standard care. Successful Phase 3 results are often the final scientific hurdle before regulators decide on approval and market launch—like passing a final exam before graduation—and can sharply change a company's valuation and future revenue prospects.

atopic dermatitis medical

"obtains Astria’s early-stage program for atopic dermatitis, STAR0310"

A chronic inflammatory skin condition, often called eczema, that causes dry, itchy, red patches and recurring flare-ups; think of it as a persistent rash that can come and go over a person’s life. It matters to investors because its chronic nature and large patient population create steady demand for treatments, influence drug development and approval decisions, affect healthcare costs and reimbursement, and can drive revenue and valuation shifts for companies working on therapies and diagnostics.

cmc technical

"bringing deep CMC and product development expertise to support the advancement"

Chemistry, Manufacturing, and Controls (CMC) describes the technical documentation and processes that show how a drug or medical product is made, tested for consistent quality, and kept stable from batch to batch. Investors care because strong CMC means a product can be manufactured reliably at scale and meet regulatory standards—similar to proving a recipe can be cooked the same way in any kitchen before restaurants expand—affecting approval, production costs, and potential revenue.

AI-generated analysis. Not financial advice.

RESEARCH TRIANGLE PARK, N.C., Jan. 23, 2026 (GLOBE NEWSWIRE) -- BioCryst Pharmaceuticals, Inc. (Nasdaq: BCRX) today announced that it has completed its acquisition of Astria Therapeutics, Inc., initially announced on October 14, 2025. The transaction strengthens its position as a leader in hereditary angioedema (HAE) and enhances the company’s long-term growth trajectory.

BioCryst adds navenibart, a late-stage, long-acting plasma kallikrein inhibitor currently in Phase 3 clinical development, to its HAE portfolio. The potential to be the first HAE therapy with every-three and every-six month dosing, combined with a high level of attack control, positions navenibart to significantly improve the treatment experience for HAE patients.

With the addition of navenibart, BioCryst could offer both the leading oral therapy (ORLADEYO®) and a potentially best-in-class injectable prophylactic option – empowering physicians and patients with optimal choices for individualized care. BioCryst expects its commercial infrastructure, patient support platform, and deep HAE expertise will maximize the launch trajectory and peak revenue potential of navenibart with minimal incremental commercial investment.

BioCryst also obtains Astria’s early-stage program for atopic dermatitis, STAR0310, for which the company plans to pursue strategic alternatives.

Transaction Details
The acquisition was completed for an implied transaction value of approximately $700 million, net of Astria’s cash at closing. BioCryst financed the cash portion of the acquisition with cash on hand and approximately $396.6 million (net of expenses) drawn from a financing facility with funds managed by Blackstone. In addition, at the closing of the transaction, BioCryst issued approximately 37.3 million shares of its common stock to Astria’s equity holders.

Leadership Appointments
Jill C. Milne, Ph.D., Co-Founder and Chief Executive Officer of Astria Therapeutics, has joined the BioCryst Board of Directors, further strengthening the company’s strategic leadership and rare disease expertise. In addition, John Ruesch, Senior Vice President, Pharmaceutical Sciences and Technical Operations at Astria, has joined BioCryst as Chief Technical Operations Officer, bringing deep CMC and product development expertise to support the advancement and commercialization of navenibart and other pipeline programs.

Advisors
BofA Securities, Inc. served as exclusive financial advisor and Covington & Burling LLP served as legal counsel to BioCryst. Evercore served as exclusive financial advisor and Sidley Austin LLP served as legal counsel to Astria.

About BioCryst Pharmaceuticals
BioCryst is a global biotechnology company focused on developing and commercializing medicines for hereditary angioedema (“HAE”) and other rare diseases, driven by its deep commitment to improving the lives of people living with these conditions. BioCryst has commercialized ORLADEYO® (berotralstat), the first oral, once-daily plasma kallikrein inhibitor, and is advancing a pipeline of potential first-in-class or best-in-class oral small-molecule and injectable protein therapeutics for a range of rare diseases. For more information, please visit www.biocryst.com or follow us on LinkedIn.

Forward-Looking Statements
This press release contains forward-looking statements, including statements regarding future results, performance or achievements, expectations regarding BioCryst’s growth trajectory, and statements related to BioCryst’s acquisition of Astria Therapeutics, Inc. (the “Merger”), including the expected benefits of the Merger, the combined company’s performance following the Merger, anticipated approval and commercialization of navenibart, anticipated benefits, performance, and competitive positioning of navenibart, including its potential best-in-class profile and impact on patient treatment, and BioCryst’s plans for the STAR-0310 program. These statements involve known and unknown risks, uncertainties and other factors which may cause BioCryst’s actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements reflect our current views with respect to future events and are based on assumptions, including assumptions related to the potential benefits of the Merger, and are subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Some of the factors that could affect the forward-looking statements contained herein include: BioCryst’s ability to successfully implement or maintain its commercialization plans for ORLADEYO; BioCryst’s ability to successfully progress its pipeline development plans, including meeting the expected timelines; the results of BioCryst’s partnerships with third parties may not meet BioCryst’s current expectations; risks related to government actions, including that decisions and other actions, including as they relate to pricing, may not be taken when expected or at all, or that the outcomes of such decisions and other actions may not be in line with BioCryst’s current expectations; the commercial viability of ORLADEYO, including its ability to achieve sustained market acceptance and demand; ongoing and future preclinical and clinical development of product candidates may take longer than expected and may not have positive results; the outcome of preclinical testing and early clinical trials may not be predictive of the success of later clinical trials, and interim results of a clinical trial do not necessarily predict final results; BioCryst may not be able to enroll the required number of subjects in planned clinical trials of product candidates; BioCryst may not advance human clinical trials with product candidates as expected; the FDA or other applicable regulatory agency may require additional studies beyond the studies planned for products and product candidates, may not provide regulatory clearances which may result in delay of planned clinical trials, may not review regulatory filings on our expected timeline, may impose certain restrictions, warnings, or other requirements on products and product candidates, may impose a clinical hold with respect to product candidates, or may withhold, delay or withdraw market approval for products and product candidates; product candidates, if approved, may not achieve market acceptance; BioCryst’s ability to successfully commercialize its products and product candidates; BioCryst’s ability to successfully implement its plans to pursue strategic alternatives for STAR-0310; BioCryst’s ability to successfully manage its growth and compete effectively; timing for achieving or sustainability of profitability and positive cash flow may not meet management’s expectations; statements and projections regarding financial guidance and goals and the attainment of such goals may differ from actual results or may not be achieved on the expected timelines, or at all, based on market factors and BioCryst’s ability to execute its operational and budget plans; actual financial results may not be consistent with expectations, including that revenue, operating expenses and cash usage may not be within management’s expected ranges; the possibility that the anticipated benefits of the Merger, including anticipated synergies, are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where BioCryst does business; the significant indebtedness BioCryst incurred in connection with the Merger and the need to generate sufficient cash flows to service and repay such debt; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the completion of the Merger; and risks relating to the dilutive effect of shares of BioCryst common stock issued in the Merger. Please refer to the documents BioCryst files periodically with the Securities and Exchange Commission (the “SEC”), specifically BioCryst’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, which identify important factors that could cause actual results to differ materially from those contained in BioCryst’s projections and forward-looking statements.

BCRXW

Contact:
Investors:
investorrelations@biocryst.com

Media:
media@biocryst.com

FAQ

What did BioCryst (BCRX) announce on January 23, 2026?

BioCryst completed the acquisition of Astria Therapeutics for ~$700 million, adding navenibart to its HAE portfolio.

How was the BioCryst acquisition of Astria financed?

BioCryst used cash on hand and drew approximately $396.6 million from a Blackstone‑managed financing facility, plus issued ~37.3 million shares.

What is navenibart and why does it matter for BCRX shareholders?

Navenibart is a Phase 3 long‑acting plasma kallikrein inhibitor with potential every‑three and every‑six month dosing, expanding BioCryst’s HAE treatment options.

Will the acquisition change BioCryst’s commercial strategy for HAE?

BioCryst expects to leverage its commercial infrastructure and patient support to maximize navenibart’s launch trajectory with minimal incremental commercial investment.

Did BioCryst add any executives from Astria after the deal?

Yes. Astria CEO Jill C. Milne joined the BioCryst board and John Ruesch joined as Chief Technical Operations Officer.