Astria Therapeutics Acquisition: Shareholder Vote Set for 2026 on $12.85 Per Share Offer

Astria Therapeutics US04635X1028

The definitive terms for the acquisition of Astria Therapeutics by BioCryst Pharmaceuticals have been formalized in a proxy statement filed yesterday. The deal, currently valued at approximately $12.85 per Astria share, hinges on a crucial shareholder vote scheduled for January 21, 2026.

Under the agreement, Astria Therapeutics shareholders will receive a combination of cash and BioCryst stock for each share they hold. The package consists of $8.55 in cash plus 0.59 shares of BioCryst (NASDAQ: BCRX) per Astria share.

While the official merger agreement cites an implied value of $13.00 per share—based on BioCryst's 20-day volume-weighted average price (VWAP) as of October 8—the current market price creates a different picture. With BioCryst shares closing at $7.29 yesterday, the stock component is worth about $4.30. This brings the total current value of the offer to roughly $12.85 per Astria share.

Key Terms at a Glance:
* Cash Component: $8.55 per Astria share.
* Equity Component: 0.59 BioCryst shares per Astria share.
* Implied Agreement Value: $13.00 per share (based on BCRX VWAP on Oct. 8).
* Current Package Value: ~$12.85 (based on BCRX close of $7.29).

Market Reaction and Path to Completion

Astria's stock closed yesterday's session at $12.71, trading just 1.1% below the calculated current deal value. This narrow discount suggests the market has high confidence in the transaction's successful completion under the agreed terms. However, the final value for Astria shareholders remains directly tied to BioCryst's share price performance until the deal closes.

The $8.55 cash portion is funded through a secured credit facility of $550 million that BioCryst has arranged specifically for this acquisition. The mixed consideration is designed to provide immediate liquidity to Astria investors while also offering them a continued stake in the combined entity's future.

The primary remaining step is the affirmative vote from Astria Therapeutics shareholders on January 21, 2026. Assuming approval and the satisfaction of other standard closing conditions, the merger is expected to finalize shortly thereafter. Until the vote, Astria's share price is likely to remain closely correlated to the fluctuating value of the BioCryst stock component, anchoring it near the $12.70 to $12.85 range.