AzurRx BioPharma has confirmed an agreement to acquire First Wave Bio with for $229 million between stocks and cash.
First Wave Bio, based in Boca Raton, Fla., is a clinical-stage biotech that specializes in the development of novel, gut-targeted, small molecule therapies for autoimmune inflammatory bowel diseases (IBD) and other serious conditions.
As part of the agreement, AzurRx BioPharma will be changing its name to “First Wave BioPharma, Inc.” with all common shares on Nasdaq for First Wave Bio now going under the pseudonym “FWBI” and projected to be effective as of September 23rd. The company will still be overseen by the CEO, President and Chairman, James Sapirstein. Unlike the shares’ name, not much else will change other than a new website address.
AzurRx will also be gaining all rights to own First Wave Bio’s proprietary formulations of niclosamide, a small molecule drug that features anti-viral and anti-inflammatory properties that are designed to address multiple GI conditions. They will also have sole ownership of First Wave Bio’s robust intellectual property portfolio, which covers the method of use and delivery of these formulations as treatments for various autoimmune, inflammatory and viral conditions.
AzurRx says it will remain committed to developing a new wave of targeted, non-systemic therapies in the GI space, but their internal development pipeline will now include three new clinical IBD indications in ulcerative proctitis (UP) and ulcerative proctosigmoiditis (UPS), ulcerative colitis (UC), and Crohn’s disease (CD).
Read the press release