BioCryst Pharmaceuticals (BCRX) investor relations material

Deal rationale and strategic fit

• Acquisition adds navenibart, a late-stage, long-acting injectable HAE therapy, supporting a rare disease growth strategy and double-digit revenue growth over the next decade.

• Expands the HAE portfolio with both oral and injectable therapies, covering a full spectrum of patient preferences and addressing unmet needs for less frequent dosing.

• Seamlessly integrates into and complements the existing HAE franchise, leveraging established commercialization infrastructure.

• Accelerates product diversification and reinforces commitment to the HAE community.

• Combined portfolio expected to transform growth profile and reinforce leadership in HAE.

Financial terms and conditions

• Total enterprise value of $700 million and implied aggregate equity value of $920 million, with Astria shareholders receiving $8.55 in cash and 0.59 BioCryst shares per Astria share, implying $13.00 per share and a 53% premium to prior close.

• Astria stockholders will own about 15% of the combined company.

• The acquisition will be financed through a mix of equity, cash on hand, and a Blackstone facility ($400–$550 million).

• Sale of the European business and retirement of $200 million Pharmakon debt improves the balance sheet.

• Transaction expected to be significantly accretive to operating profit in the first full year after navenibart's launch.

Synergies and expected cost savings

• Significant operational and long-term synergies expected, leveraging existing commercialization infrastructure.

• Minimal incremental SG&A investment anticipated due to established commercial engine.

• Enhanced financial profile with strong cash flow generation and profitability maintained post-transaction.

• Accelerated revenue from navenibart projected to boost earnings growth well into the next decade.