<SEC-DOCUMENT>0001140361-20-010641.txt : 20200612
<SEC-HEADER>0001140361-20-010641.hdr.sgml : 20200612
<ACCEPTANCE-DATETIME>20200504183025
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001140361-20-010641
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200504

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BIOCRYST PHARMACEUTICALS INC
		CENTRAL INDEX KEY:			0000882796
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				621413174
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		4505 EMPEROR BOULEVARD
		STREET 2:		SUITE 200
		CITY:			DURHAM
		STATE:			NC
		ZIP:			27703
		BUSINESS PHONE:		919-859-1302

	MAIL ADDRESS:	
		STREET 1:		4505 EMPEROR BOULEVARD
		STREET 2:		SUITE 200
		CITY:			DURHAM
		STATE:			NC
		ZIP:			27703
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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              <div style="text-align: center; font-size: 12pt;">BioCryst Pharmaceuticals, Inc.</div>
              <div style="text-align: center; font-size: 12pt;">4505 Emperor Blvd., Suite 200</div>
              <div style="text-align: center; font-size: 12pt;">Durham, North Carolina 27703</div>
              <div style="text-align: center; font-size: 12pt;">(919) 859-1302</div>
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      <div>May 4, 2020<br>
        <br>
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              <div>U.S. Securities and Exchange Commission</div>
              <div>Division of Corporation Finance</div>
              <div>Office of Life Sciences</div>
              <div>100 F Street, N.E.</div>
              <div>Washington, D.C.&#160; 20549</div>
              <div>Attn: Courtney Lindsay and Celeste Murphy</div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">Re:</td>
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              <div style="font-weight: bold;">BioCryst Pharmaceuticals, Inc.</div>
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      <div style="text-indent: -36pt; margin-left: 36pt; font-weight: bold;"><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;&#160;&#160;&#160;&#160; </font>Registration Statement on
        Form S-3</div>
      <div style="text-indent: -36pt; margin-left: 36pt; font-weight: bold;"><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Filed April 24, 2020</div>
      <div style="text-indent: -36pt; margin-left: 36pt; font-weight: bold;"><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>File No. 333-237820</div>
      <div><br>
      </div>
      <div>Dear Ladies and Gentlemen:</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">On behalf of BioCryst Pharmaceuticals, Inc. (the &#8220;<u>Company</u>&#8221;), set forth below are the Company&#8217;s responses to the comment letter dated April 27, 2020 from the Staff (the &#8220;<u>Staff</u>&#8221;) of the Securities and
        Exchange Commission (the &#8220;<u>Commission</u>&#8221;) in connection with the Staff&#8217;s review of the Company&#8217;s Registration Statement on Form S-3 (File No. 333-237820) (the &#8220;<u>Registration Statement</u>&#8221;).&#160; For ease of reference, the numbered paragraphs
        below correspond to the numbered comments in your letter, with your comments presented in bold followed by the related response.</div>
      <div><br>
      </div>
      <div style="font-weight: bold;"><u>Risk Factors, page 2</u></div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">1.</td>
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              <div style="font-weight: bold;">We note your disclosure on page 6 regarding the exclusive forum provision in your bylaws. Please include a risk factor on this exclusive forum provision that discusses the risks and implications of the
                provision. In addition to any other material risks, please discuss any potential costs, unfavorable rulings, or uncertainty with regard to enforcement. In this regard, please refer to our comment below.</div>
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      <div><u>Company Response</u>: In the future, the Company will include a risk factor addressing this provision and these limitations in the &#8220;Risk Factors&#8221; section of its periodic reports filed pursuant to the Securities Exchange Act of 1934, as
        amended (the &#8220;Exchange Act&#8221;). More specifically, in the Company&#8217;s quarterly report for the quarter ended March 31, 2020, the Company will include a risk factor in substantially the following form:</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">&#8220;<font style="font-weight: bold; font-style: italic;">Our Amended and Restated Bylaws provide that the Court of Chancery of the State of Delaware will be the sole and exclusive forum for certain litigation that may be
          initiated by our stockholders, which may limit a stockholder&#8217;s ability to obtain a favorable judicial forum for such disputes with us or our directors, officers or employees.</font></div>
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      <div style="text-indent: 36pt;">Our Amended and Restated Bylaws provide that, unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware will be the sole and exclusive forum for (i) any
        derivative action or proceeding brought on our behalf, (ii) any action asserting a claim of breach of a fiduciary duty owed by any of our directors, officers, stockholders, employees or agents to us or our stockholders, (iii) any action asserting a
        claim against us or any of our directors, officers, stockholders, employees or agents arising out of or relating to any provision of the General Corporation Law of Delaware or our Certificate of Incorporation or Amended and Restated Bylaws or (iv)
        any action against us or any of our directors, officers, stockholders, employees or agents governed by the internal affairs doctrine of the State of Delaware. This exclusive forum provision does not apply to establish the Delaware Court of Chancery
        as the forum for actions or proceedings brought to enforce a duty or liability created by the Securities Act or the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">This exclusive forum provision may limit a stockholder&#8217;s ability to choose its preferred judicial forum for disputes with us or our directors, officers, employees or agents, which may discourage the filing of lawsuits
        with respect to such claims. If a court were to find this exclusive forum provision to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in another jurisdiction, which could adversely
        affect our business and financial condition.&#8221;</div>
      <div><br>
      </div>
      <div style="font-weight: bold;"><u>Description of Common Stock, Preferred Stock and Depositary Shares, page 6</u></div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">2.</td>
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              <div style="font-weight: bold;">We note that your forum selection provision discussed in your disclosure here and in Article 8 of your bylaws identifies the Court of Chancery of the State of Delaware as the exclusive forum for certain
                litigation, including any &#8220;derivative action.&#8221; Please disclose whether this provision applies to actions arising under the Exchange Act and the Securities Act. We note in this regard that Section 27 of the Exchange Act creates exclusive
                federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange Act or the rules or regulations thereunder. If this provision does not apply to actions arising under the Exchange Act, please tell us how
                you will inform investors in future filings that the provision does not apply to any actions arising under the Exchange Act. If you intend for this provision to apply to the Securities Act, please also revise your prospectus to state that
                there is uncertainty as to whether a court would enforce such provision and that investors cannot waive compliance with the federal securities laws and the rules and regulations thereunder.</div>
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      <div><u>Company Response</u>: The forum selection provision in the Company&#8217;s Amended and Restated Bylaws does not apply to establish the Delaware Court of Chancery as the forum for actions or proceedings brought to enforce a duty or liability created
        by the Securities Act of 1933, as amended, or the Exchange Act. Accordingly, when the Company files a prospectus supplement pursuant to Rule 424 under the Securities Act in connection with any future offering under the Registration Statement, it
        will include in the base prospectus included therein the following disclosure under the heading &#8220;Description of Capital Stock&#8221;:</div>
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      <div style="text-indent: 36pt;">&#8220;<font style="font-style: italic;">Exclusive Forum for Certain Actions</font></div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Our Amended and Restated Bylaws provide that, unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware will be the sole and exclusive forum for (i) any
        derivative action or proceeding brought on our behalf, (ii) any action asserting a claim of breach of a fiduciary duty owed by any of our directors, officers, stockholders, employees or agents to us or our stockholders, (iii) any action asserting a
        claim against us or any of our directors, officers, stockholders, employees or agents arising out of or relating to any provision of the General Corporation Law of Delaware or our Certificate of Incorporation or Amended and Restated Bylaws or (iv)
        any action against us or any of our directors, officers, stockholders, employees or agents governed by the internal affairs doctrine of the State of Delaware. Our Bylaws provide that any person or entity purchasing or otherwise acquiring any
        interest in shares of our common stock will be deemed to have notice of and to have consented to this choice of forum provision.&#160; This exclusive forum provision does not apply to establish the Delaware Court of Chancery as the forum for actions or
        proceedings brought to enforce a duty or liability created by the Securities Act or the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">This exclusive forum provision may limit a stockholder&#8217;s ability to choose its preferred judicial forum for disputes with us or our directors, officers, employees or agents, which may discourage the filing of lawsuits
        with respect to such claims. If a court were to find this exclusive forum provision to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in another jurisdiction, which could adversely
        affect our business and financial condition.&#8221;</div>
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      <div style="text-align: center;">***</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">If you have any additional questions or comments or require further information with respect to the foregoing, please call the undersigned at (919) 859-7930 or Robyn Zolman of Gibson, Dunn &amp; Crutcher LLP at (303)
        298-5740.</div>
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              <div style="font-family: 'Times New Roman', Times, serif;">Very truly yours,</div>
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              <div style="font-family: 'Times New Roman', Times, serif;">Name:</div>
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              <div style="font-family: 'Times New Roman', Times, serif;">/s/ Alane Barnes</div>
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              <div style="font-family: 'Times New Roman', Times, serif;">Alane Barnes</div>
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              <div style="font-family: 'Times New Roman', Times, serif;">Senior Vice President and Chief Legal Officer</div>
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            <td style="width: 18pt; vertical-align: top; align: right;">cc:</td>
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              <div>Robyn Zolman, Gibson, Dunn &amp; Crutcher LLP</div>
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