Biocryst Pharmaceuticals, Inc. has successfully completed its acquisition of Astria Therapeutics, Inc., solidifying its leadership in the treatment of hereditary angioedema (HAE). The transaction, with an implied value of approximately $700 million, not only enhances Biocryst's long-term growth trajectory but also expands its portfolio with the addition of Navenibart, a late-stage, long-acting plasma kallikrein inhibitor currently in phase 3 clinical development.
Through this acquisition, Biocryst now has the potential to offer both the leading oral therapy, Orladeyo® (berotralstat), and a potentially best-in-class injectable prophylactic option, Navenibart. This empowers physicians and patients with optimal choices for individualized care, with Navenibart potentially being the first HAE therapy with every-three and every-six month dosing, combined with a high level of attack control.
The company expects that 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.
In addition to Navenibart, Biocryst also gains Astria’s early-stage program for atopic dermatitis, Star0310, for which the company plans to pursue strategic alternatives.
As part of the acquisition, Biocryst issued approximately 37.3 million shares of its common stock to Astria’s equity holders and financed the cash portion of the acquisition with cash on hand and approximately $396.6 million drawn from a financing facility with funds managed by Blackstone.
Leadership appointments resulting from the acquisition include Jill C. Milne, Ph.D., co-founder and chief executive officer of Astria Therapeutics, joining the Biocryst board of directors, further strengthening the company’s strategic leadership and rare disease expertise. Additionally, John Ruesch, senior vice president, pharmaceutical sciences and technical operations at Astria, has joined Biocryst as chief technical operations officer.
In terms of financial advisors, BofA Securities, Inc. served as the exclusive financial advisor and Covington & Burling LLP served as legal counsel to Biocryst, while Evercore served as the exclusive financial advisor and Sidley Austin LLP served as legal counsel to Astria.
Biocryst Pharmaceuticals is a global biotechnology company focused on developing and commercializing medicines for HAE and other rare diseases. The company has commercialized Orladeyo® 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. Today the company's shares have moved -7.11% to a price of $6.66. Check out the company's full 8-K submission here.
