M&A · Healthcare · Pharmaceutical Preparations
BioCryst Pharmaceuticals Inc to acquire Astria Therapeutics, Inc.
Announced Oct 14, 2025 · Closed Jan 23, 2026
Deal value$920MEV $657M
Premium53.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationCash and stock$13.00 per share
Transaction
- Acquirer
- BioCryst Pharmaceuticals Inc (BCRX)
- Target
- Astria Therapeutics, Inc. (ATXS)
- Buyer type
- Strategic
- Offer price per share
- $13.00
- Enterprise value
- $657M
- Status
- Closed Jan 23, 2026
Deal protections
- Break fee (target pays)
- $32.3M · 3.5%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- BofA Securities
- To the target
- Evercore
- Evercore fee
- $23.0M
Sector context · Healthcare
- Comparable deals
- 93 in the prior 24 months
- Premium
- 53.0% vs. 63.5% sector median
- EV / Adj. EBITDA
- Sector median 15.9x
- Break fee
- 3.5% vs. 3.3% sector median
Timeline
- AnnouncedOct 14, 2025
- Proxy filedDec 18, 2025
- Definitive proxyDec 18, 2025
- Shareholder voteJan 21, 2026
- ClosedJan 23, 2026
Valuation · fairness opinions
Discounted cash flow$12.60$16.75
Discounted cash flow$14.15$14.70
Analyst price targets$20.00$49.00
Premiums paid$12.40$16.60
Discounted cash flow$10.60$11.70
Offer $13.00
Implied value per Astria Therapeutics, Inc. share by analysis, from Evercore · DCF discount rate 13%–16%.