BioCryst to acquire Astria Therapeutics for 0.59 shares + $8.55 cash per share; Q3 ORLADEYO strong

BIOCRYST PHARMACEUTICALS INC

Merger: each Astria share → 0.59 BCRX shares + $8.55 cash; expected close Q1 2026.
Blackstone provides $550M senior secured credit facility ($350M term loan + $50M committed delayed draw + $150M uncommitted) to fund deal.
Q3 2025: ORLADEYO demand strong with no impact from new competition (no specific figures given).
Astria CEO Jill Milne appointed to BioCryst board effective at merger close; receives $500K equity grant.
BioCryst paid off and terminated April 2023 loan agreement with BioPharma Credit PLC.

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