---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-25-038031"
form_type: "8-K"
ticker: "BCRX"
cik: "0000882796"
company_name: "BIOCRYST PHARMACEUTICALS INC"
filed_at: "2025-10-14T23:59:59+00:00"
generated_at: "2026-05-17T04:02:35.935309+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001140361-25-038031
- form_type: 8-K
- ticker: BCRX
- cik: 0000882796
- company_name: BIOCRYST PHARMACEUTICALS INC
- filed_at: 2025-10-14T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.02, 5.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/882796/000114036125038031/0001140361-25-038031-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/882796/000114036125038031/ef20057029_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-25-038031
- JSON: https://secwatch.observer/filing/0001140361-25-038031.json
- Plain text: https://secwatch.observer/filing/0001140361-25-038031.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.