AzurRx BioPharma To Acquire First Wave Bio For $229M

AzurRx BioPharma Inc AZRX has agreed to acquire First Wave Bio Inc in a stock and cash transaction valued at $229 million, including milestone payments.
First Wave Bio is a clinical-stage biotechnology company specializing in developing gut-targeted, small molecule therapies for autoimmune inflammatory bowel diseases (IBD).
In conjunction with the acquisition, AzurRx will change its name to First Wave BioPharma and trade on NASDAQ under the new ticker symbol, FWBI, effective by September 23.
In January, AzurRx in-licensed from First Wave Bio the exclusive global rights to develop two niclosamide therapeutic indications for COVID-19-related GI infections and immune checkpoint inhibitor-associated colitis and diarrhea (ICI-AC) in advanced-stage cancer patients.
Following the acquisition of First Wave Bio, AzurRx's internal development pipeline will include three new clinical IBD indications.
Last week, AzurRx BioPharma announced a reverse stock split of its common stock at a ratio of 1 post-split share for every 10 pre-split shares.
Also Read: Why AzurRx Stock Is Trading Higher After MS1819 Combo Therapy Data?
Price Action: AZRX shares are trading at $5.16 during the premarket session on the last check Monday.