BioCryst Pharmaceuticals (BCRX) has reached a deal to acquire biopharmaceutical company Astria Therapeutics (ATXS) for about $700 million in cash and stock. This acquisition sent Astria stock soaring by more than 40% on Tuesday. Conversely, BioCryst stock dropped by over 9%.
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The acquisition is expected to strengthen BioCryst’s hereditary angioedema (HAE) portfolio by adding Astria’s lead product candidate, navenibart.
Key Terms of the Deal
Under the terms of the agreement, Astria shareholders will receive $8.55 in cash plus 0.59 shares of BioCryst stock for each Astria share they own. The deal values Astria at approximately $13 per share, representing a 53% premium over its previous closing price.
It must be noted that Astria stockholders are set to own about 15% of the pro forma equity in the combined company.
The transaction is expected to close in the first quarter of 2026. BioCryst plans to finance the deal using its existing cash reserves and up to $550 million in debt raised from funds managed by Blackstone (BX).
Key Benefits for BioCryst
With the addition of navenibart, the company will be able to offer both oral and long-acting injectable options to patients.
BioCryst CEO Charlie Gayer stated that the combined HAE portfolio is expected to drive double-digit annual revenue growth, projecting total HAE revenue to reach at least $1.8 billion by 2033.
For 2025, BioCryst anticipates Orladeyo sales to bring in between $580 million and $600 million, building on a 34% year-over-year sales increase in 2024.
Is BCRX Stock a Good Buy?
Turning to Wall Street, BCRX stock has a Strong Buy consensus rating based on five Buys and one Hold assigned in the last three months. At $17.00, the average BioCryst stock price target implies a 160.74% upside potential.
