(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 35.1% before the bell. BioCryst shares were last up 3.7% at $7.3 in volatile trading.
Astria CEO Jill Milne will join BioCryst’s board after the deal is closed, expected in the first quarter of 2026.
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.
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.
The company expects Orladeyo to bring in $580 million to $600 million for 2025. Sales of the drug rose 34% year-over-year in 2024.
The drugmaker plans to seek strategic alternatives for Astria’s early-stage program STAR-0310 for atopic dermatitis.
(Reporting by Siddhi Mahatole in Bengaluru; Editing by Shilpi Majumdar and Sriraj Kalluvila)
