AzurRz BioPharma, Inc., a clinical-stage biopharmaceutical company specializing in the development of targeted, non-systemic therapies for gastrointestinal (GI) diseases, announced that it has entered into a definitive agreement to acquire First Wave Bio, Inc. in a stock and cash transaction valued at $229 million. H.C. Wainwright & Co. acted as advisor to AzurRx in connection with the acquisition.
Founded in 2015, First Wave Bio, Inc. is a clinical-stage biotechnology company specializing in the development of novel, gut-targeted, small molecule therapies for the treatment of auto-immune inflammatory bowel diseases (IBD) and other serious conditions.
AzurRx also announced that it is changing its corporate name to “First Wave BioPharma, Inc.” and will trade its common shares on the Nasdaq under the new ticker symbol, “FWBI,” which is anticipated to be effective on or around Thursday, September 23, 2021. AzurRx’s management team, including James Sapirstein, Chairman, President, and Chief Executive Officer, will continue to lead the renamed company.
The two companies had previously worked together in January 2021, when AzurRx in-licensed from First Wave Bio the exclusive global rights to develop niclosamide therapeutic indications for both COVID-19-related GI infections and immune checkpoint inhibitor-associated colitis and diarrhea in advanced-stage cancer patients. Following the acquisition of First Wave Bio, AzurRx’s internal development pipeline will include three new clinical IBD indications in ulcerative proctitis and ulcerative proctosigmoiditis, ulcerative colitis, and Crohn’s disease.
