Astria Therapeutics (ATXS) Soars 37.07% on $700M BioCryst Acquisition as Shareholders Secure 54% Premium

Astria Therapeutics (ATXS) surged 37.07% on October 14, 2025, marking its highest level since October 2025, with an intraday gain of 43.68%. The stock has risen 39.71% over two trading days, driven by a transformative $700 million acquisition by BioCryst Pharmaceuticals. The deal, offering $13 per share (a 54% premium to its pre-announcement price of $8.47), combines cash and stock and is set to close by Q1 2026.

The acquisition centers on Astria’s lead asset, navenibart, a late-stage therapy for hereditary angioedema (HAE). Navenibart’s Phase 3 trials, including the global ALPHA-ORBIT study, aim to demonstrate its potential for infrequent dosing (every 3–6 months), differentiating it from competitors with shorter regimens. Positive Phase 1b/2 data showing up to 95% reduction in HAE attacks and favorable safety profiles underpin the strategic value for BioCryst, which aims to expand its HAE portfolio and target $1.8 billion in combined revenues by 2033.

Financially, Astria’s cash runway was extended to 2028 through a $16 million upfront payment from Kaken Pharmaceutical’s licensing deal for navenibart in Japan, alongside $259.2 million in Q2 2025 cash reserves. While quarterly losses of $33–34 million highlight ongoing R&D costs, the acquisition and licensing milestones reduce short-term liquidity risks. Analysts, previously bullish with price targets up to $49, now view the $13 acquisition price as a de-risked valuation for navenibart’s commercial potential.

Market dynamics further support the stock’s rally. The HAE therapeutic market, projected to grow at 17% CAGR to $19.7 billion by 2032, positions navenibart to capture market share with its convenience. However, a shareholder investigation by Halper Sadeh LLC into potential undervaluation of the deal introduced minor volatility. Post-merger, ATXS shareholders will exchange shares for BioCryst stock and cash, with long-term success hinging on regulatory approvals and BioCryst’s execution of navenibart’s commercialization.