BioCryst Pharmaceuticals has agreed to acquire Astria Therapeutics in a deal valued at approximately $700 million, with Astria shareholders receiving a mix of cash and stock representing an implied value of $13.00 per share. The transaction, unanimously approved by both companies' boards, is expected to close in the first quarter of 2026, subject to customary closing conditions. Following the completion of the deal, Jill C. Milne, Ph.D., CEO of Astria, will join the BioCryst board of directors. BioCryst anticipates immediate operating synergies and expects the acquisition to be accretive to operating profit in the first full year after the anticipated launch of navenibart. The cash portion of the consideration will be funded with cash on hand and a strategic financing facility from Blackstone.