Hartaj Singh

Sema Sharan

- BioCryst Pharmaceuticals has agreed to acquire Astria Therapeutics for approximately **$700 million**, with Astria shareholders receiving **$8.55 in cash plus 0.59 shares** of BioCryst common stock for each Astria share, representing a **53-54% premium**.  **[1454789_3e28a862490745ada1c3c7bea2a48b4d]** 
- The transaction, expected to close in **Q1 2026**, will integrate Astria's lead product, **navenibart** (for hereditary angioedema prevention), into BioCryst's portfolio and result in Astria's delisting from Nasdaq.  **[1454789_3e28a862490745ada1c3c7bea2a48b4d]** 
- The acquisition will be financed using BioCryst's cash reserves and a new **$550 million financing facility** with Blackstone.  **[1454789_3e28a862490745ada1c3c7bea2a48b4d]** 
- Astria's CEO, Jill Milne, will join BioCryst's board of directors after the acquisition is completed.  **[1454789_3e28a862490745ada1c3c7bea2a48b4d]**

Astria Therapeutics to be Acquired by BioCryst Pharmaceuticals

- BioCryst Pharmaceuticals, Inc. has agreed to acquire Astria Therapeutics, Inc. for an implied value of **$13.00 per share**, consisting of **$8.55 in cash** and **0.59 shares of BioCryst common stock**, representing an implied enterprise value of approximately **$700 million**.  **[1454789_0001104659-25-098998_tm2528677d1_ex99-2.htm:0]** **[1454789_0001104659-25-098998_tm2528677d1_ex99-2.htm:1]** 
- The acquisition, expected to close in the **first quarter of 2026**, will add **navenibart**, a late-stage plasma kallikrein inhibitor in Phase 3 clinical development for hereditary angioedema (HAE) prophylaxis, to BioCryst's portfolio.  **[1454789_0001104659-25-098998_tm2528677d1_ex99-2.htm:0]** **[1454789_0001104659-25-098998_tm2528677d1_8k.htm:4]** 
- The transaction represents a premium of approximately **53%** over Astria's closing share price on October 13, 2025, and BioCryst anticipates remaining **profitable (non-GAAP)** and **cash flow positive** post-transaction.  **[1454789_0001104659-25-098998_tm2528677d1_ex99-2.htm:0]** **[1454789_0001104659-25-098998_tm2528677d1_ex99-2.htm:1]** 
- As of **September 30, 2025**, Astria reported preliminary and unaudited cash, cash equivalents, and short-term investments of approximately **$227.7 million**.  **[1454789_0001104659-25-098998_tm2528677d1_8k.htm:7]**

- Astria Therapeutics has **initiated the Phase 3 ORBIT-EXPANSE long-term trial** for its lead program, **navenibart**, in people with hereditary angioedema (HAE).  **[1454789_826fa24a5a834e728552ec3ce3287667_0]** 
- Navenibart is an **investigational monoclonal antibody inhibitor of plasma kallikrein** designed for rapid and sustained HAE attack prevention, administered subcutaneously every **3 or 6 months**.  **[1454789_826fa24a5a834e728552ec3ce3287667_0]** 
- The ORBIT-EXPANSE trial is part of a broader Phase 3 program, which also includes the ALPHA-ORBIT trial, both designed to support **global registration** for navenibart.  **[1454789_826fa24a5a834e728552ec3ce3287667_0]**

Astria Therapeutics Initiates Phase 3 ORBIT-EXPANSE Trial for Navenibart

- **Astria Therapeutics** has initiated the opening of clinical centers in the **European Union (EU)** for its **Phase 3 ALPHA-ORBIT trial** of **navenibart**.  **[1454789_de59815bad8e4471aab0962355b44dc2_0]** 
- Navenibart is an investigational monoclonal antibody designed to treat **hereditary angioedema (HAE)**, with potential for administration every **3 or 6 months**.  **[1454789_de59815bad8e4471aab0962355b44dc2_0]** **[1454789_de59815bad8e4471aab0962355b44dc2_1]** 
- The trial, authorized by the European Medicines Agency (EMA), plans to activate **32 centers** across **10 EU countries** and aims to enroll up to **135 adults and 10 adolescents** with HAE Type 1 or 2.  **[1454789_de59815bad8e4471aab0962355b44dc2_0]**

Astria Therapeutics expands Phase 3 ALPHA-ORBIT trial to EU

- Astria Therapeutics has commenced **patient enrollment in the European Union** for its **Phase III ALPHA-ORBIT trial** of **navenibart**, an investigational treatment for hereditary angioedema (HAE).  **[1454789_4824e9f949804f06b1ecd095bc271694_0]** 
- The trial is expanding to **10 EU countries**, including Bulgaria, Czech Republic, France, Germany, Hungary, Italy, Netherlands, Poland, Portugal, and Spain, adding to existing sites in other global regions.  **[1454789_4824e9f949804f06b1ecd095bc271694_0]** 
- Navenibart is a plasma kallikrein monoclonal inhibitor being developed for HAE, with a potential dosing regimen of every **3 and 6 months**.  **[1454789_4824e9f949804f06b1ecd095bc271694_0]** **[1454789_4824e9f949804f06b1ecd095bc271694_1]** 
- The ALPHA-ORBIT trial is designed to assess the efficacy and safety of navenibart in up to **135 adults and 10 adolescents** with HAE type 1 or 2.  **[1454789_4824e9f949804f06b1ecd095bc271694_1]**

Astria Therapeutics Initiates EU Patient Enrollment for Phase III ALPHA-ORBIT Trial

- Astria Therapeutics has **begun enrolling Hereditary Angioedema (HAE) patients in the European Union** for its ALPHA-ORBIT Phase 3 study of navenibart.  **[1454789_1893a7a3e1d84f8cbe98cb8aa719c5dd_0]** 
- The ALPHA-ORBIT study is a **global, randomized, double-blind, placebo-controlled Phase 3 trial** evaluating the efficacy and safety of navenibart, an experimental monoclonal antibody inhibitor of plasma kallikrein, for HAE.  **[1454789_1893a7a3e1d84f8cbe98cb8aa719c5dd_0]** **[1454789_1893a7a3e1d84f8cbe98cb8aa719c5dd_1]** 
- Navenibart is designed for **subcutaneous administration every 3 or 6 months**.  **[1454789_1893a7a3e1d84f8cbe98cb8aa719c5dd_0]** **[1454789_1893a7a3e1d84f8cbe98cb8aa719c5dd_1]** 
- The European Medicines Agency (EMA) approval facilitates the activation of **32 sites across 10 EU countries**, including Bulgaria, Czech Republic, France, Germany, Hungary, Italy, Netherlands, Poland, Portugal, and Spain.  **[1454789_1893a7a3e1d84f8cbe98cb8aa719c5dd_0]**

Astria Therapeutics Initiates EU Enrollment for ALPHA-ORBIT Phase 3 Study

- Astria Therapeutics has commenced opening clinical trial sites in the **European Union (EU)** and is now recruiting participants for the **Phase 3 ALPHA-ORBIT study** of **Navenibart**.  **[1454789_3c20b2c5fa134a8187069b297c4967c1_0]** 
- Navenibart is an investigational monoclonal antibody inhibitor of plasma kallikrein being developed for the treatment of **hereditary angioedema (HAE)**, with potential administration every three to six months.  **[1454789_3c20b2c5fa134a8187069b297c4967c1_0]** **[1454789_3c20b2c5fa134a8187069b297c4967c1_1]** 
- The European Medicines Agency (EMA) approval enables the activation of an anticipated **32 sites across 10 EU countries** for the ALPHA-ORBIT study.  **[1454789_3c20b2c5fa134a8187069b297c4967c1_0]** 
- The global ALPHA-ORBIT study is designed to evaluate the efficacy and safety of Navenibart, enrolling up to **135 adults and 10 adolescents** with HAE Type 1 or Type 2.  **[1454789_3c20b2c5fa134a8187069b297c4967c1_1]**

Astria Therapeutics (ATXS)