Biocryst Pharmaceuticals, Inc. · NASDAQ:BCRX
Biocryst Pharmaceuticals — Merger or Acquisition (October 2025)
14 slides from Biocryst Pharmaceuticals's merger presentation, Oct 14, 2025
Slide 1: BioCryst to Acquire Astria Therapeutics
October 14, 2025 BioCryst to Acquire Astria Therapeutics
Slide 2: Important Additional Information will be Filed with the SEC
2 Important Additional Information will be Filed with the SEC In connection with the proposed transaction, BioCryst Pharmaceuticals, Inc. (“BioCryst”) will file with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement on Form S-4 (the “registration statement”), which wil
Slide 3: Forward-looking statements
Forward-looking statements 3 Statements included in this communication which are not historical in nature or do not relate to current facts are intended to be, and are hereby identified as, forward-looking statements for purposes of the safe harbor provided by Section 27A of the Securities Act of 19
Slide 4: BioCryst is well-positioned to achieve sustainable, double digit revenue growth
BioCryst is well-positioned to achieve sustainable, double digit revenue growth 4 Growing commercial product with high cash flow visibility Sustainable $1B peak revenue opportunity for ORLADEYO >80% contribution margin1 IP runway into 20402 Maximize potential of internal rare disease portfolio Nethe
Slide 5: BioCryst to acquire Astria for ~$700M TEV
BioCryst to acquire Astria for ~$700M TEV 5 10+ yr double digit portfolio CAGR Potential to transform BioCryst’s revenue profile through the next decade Near-term launch anticipated Pivotal Phase 3 clinical trial on track for early 2027 topline data Core area of expertise Seamlessly integrates into
Slide 6: Navenibart could become the 1st choice injectable therapy
Navenibart could become the 1st choice injectable therapy 6 (Q8W) (Q4W) Trusted mechanism & modality Monoclonal antibody inhibitor of plasma kallikrein Compelling efficacy data High affinity and potency with fast onset delivers rapid, effective prevention against attacks Infrequent dosing schedule Y
Slide 7: Navenibart vision: ALPHA-STAR and -SOLAR results demonstrate highly differentiated profile
Navenibart vision: ALPHA-STAR and -SOLAR results demonstrate highly differentiated profile 7 NOTE: Navenibart efficacy endpoints are mean change from baseline. Final data from target enrollment patients (n=16). Results from lanadelumab, berotralstat, garadacimab, and donidalorsen are from separate,
Slide 8: Significant addressable opportunity in HAE
Significant addressable opportunity in HAE 8 Estimated US patients on prophylaxis Navenibart opportunity: 5,000+ patients in the US Augments BioCryst’s HAE portfolio with the potential best-in-class option for any route of administration preference Majority of HAE patients remain on less convenient
Slide 9: Positioned to offer leading oral and injectable therapies
Positioned to offer leading oral and injectable therapies 9 Navenibart Prefer an oral therapy Prefer an injectable therapy HAE patients receiving prophylaxis primarily fall into two categories: Oral preference Has steadily increased since 2023 Consistent growth in ORLADEYO demand reflects this dynam
Slide 10: BioCryst's commercial footprint primed for next product
BioCryst’s commercial footprint primed for next product 10 Commercial strategy for ORLADYEO is a repeatable playbook for navenibart Patients & HAEA Physicians & KOLs Single source specialty pharmacy Payers Robust market understanding through market research, data, and insights Deep understanding of
Slide 11: BioCryst's proven track record of commercial execution
BioCryst’s proven track record of commercial execution 11 Our commercial engine delivers: Superior performance + High degree of forecasting accuracy We will apply same playbook to maximize the navenibart opportunity $92M $118M $500M+ $550M+ ~2,100 ~2,100 ~500 ~600 ORLADEYO Revenue (US) Patients On T
Slide 12: BioCryst HAE franchise expected to generate double digit revenue growth into the next decade
BioCryst HAE franchise expected to generate double digit revenue growth into the next decade 12 $550M+ $1B+ $1.8B+ ~15% CAGR ~15% CAGR $1B+ cash balance by 2029 Implied projections for navenibart based on Wall Street analyst research Expected revenue excluding EU for FY 2025 Significant revenue grow
Slide 13: Significant opportunity for value creation
Significant opportunity for value creation 13 Financial overview of the acquisition of Astria Implied value of $13 per share in cash and stock with total enterprise value of approximately $700 million Astria stockholders expected to own 15% of proforma equity based on basic shares outstanding Plan t
Slide 14: Key takeaways
Key takeaways 14 Differentiated asset Strong efficacy and safety clinical profile with Q3M or Q6M dosing in Phase 1b/2 data to-date; potential to be best-in-class injectable prophylactic therapy Attractive valuation Approximately $700 million in total enterprise value for a late-stage asset with sig
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