BioCryst closes $700M Astria acquisition, adds Phase 3 HAE asset navenibart

BIOCRYST PHARMACEUTICALS INC

Acquired Astria for ~$700M net of cash; financed with $396.6M Blackstone loan and 37.3M shares.
Adds navenibart (Phase 3 plasma kallikrein inhibitor) offering every-3/6-month HAE dosing.
Astria CEO Jill Milne joins BioCryst board; John Ruesch becomes Chief Technical Operations Officer.
BioCryst obtained $400M term loan from Blackstone funds (5-yr, SOFR+4.5% with PIK option).
Astria's nine-month 2025 net loss $98.4M; had $227.7M cash/investments at Sep 30, 2025.

item 1.01 item 2.01 item 2.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

BIOCRYST PHARMACEUTICALS INC entered into Loan Agreement with Blackstone Alternative Credit Advisors LP and Blackstone Life Sciences Advisors L.L.C., as Blackstone representatives, the lenders party thereto, and Wilmington Trust, National Association, as agent valued at $400 million (effective 2026-01-23).

Action: entry
Agreement: credit facility
Counterparty: Blackstone Alternative Credit Advisors LP and Blackstone Life Sciences Advisors L.L.C., as Blackstone representatives, the lenders party thereto, and Wilmington Trust, National Association, as agent
Value: $400 million
Effective: 2026-01-23

Exact text from the filing

On January 23, 2026 (the “ Closing Date ”), BioCryst Pharmaceuticals, Inc., a Delaware corporation (“ BioCryst ”), entered into a Loan Agreement (the “ Loan Agreement ”), by and among BioCryst, as borrower, the guarantors from time to time party thereto, Blackstone Alternative Credit Advisors LP and Blackstone Life Sciences Advisors L.L.C., as the Blackstone representatives thereunder, the lenders from time to time party thereto and Wilmington Trust, National Association, as agent. The Loan Agreement provides for initial term loans in the principal amount of $400 million (the “ Term Loans ”), which were funded on the Closing Date.

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Source: SEC EDGAR

accession 0001140361-26-002200

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