AzurRx BioPharma Acquires First Wave Bio for $229 Million
AzurRx’s acquisition of First Wave Bio grants them access to their proprietary niclosamide formulations.
AzurRx BioPharma, a company specializing in developing targeted, non-systemic therapies for gastrointestinal diseases (GI), announced that it has entered a definitive agreement to acquire First Wave Bio, a clinical-stage biotechnology company, on Sept. 13, 2021 in a press release. AzuRx acquired First Wave Bio for approximately $229 million in stocks and cash.
First Wave Bio specializes in developing novel, gut-targeted, small-molecule therapies for auto-immune inflammatory bowel diseases (IBD) and other serious conditions. AzurRx will wholly own all rights to First Wave Bio’s proprietary formulations of niclosamide, a small molecule drug featuring anti-viral and anti-inflammatory properties designed to address various GI conditions. They will also gain rights to patented methods of use and delivery mechanisms of these formulations as treatments for various auto-immune, inflammatory, and viral conditions.
Following this acquisition, AzurRx BioPharma will operate under the name First Wave BioPharma. James Sapirstein, AzurRx’s chairman, president, and CEO, will continue to lead the company. Their new stock ticker symbol, FWBI, is expected to be effective by Sept. 23, 2021.
“The acquisition of First Wave Bio and the creation of First Wave BioPharma is a transformative event that significantly expands our GI development pipeline and positions our company for new growth opportunities in the inflammatory bowel disease [IBD] therapeutic space,” said Sapirstein in a company press release. “We believe that our proprietary formulations of niclosamide, with their novel anti-inflammatory mechanism of action, non-systemic absorption, and safety benefits, will enable us to address significant unmet clinical needs for IBD patients, especially in the mild-to-moderate disease categories.”
“This is an exciting day,” said Gary D. Glick, CEO and founder of First Wave Bio, in the press release. “We believe the acquisition of First Wave Bio by AzurRx will unlock the value of our proprietary niclosamide formulations targeting IBD. We are confident that the AzurRx team will successfully advance these programs along their respective clinical and regulatory pathways.”
Source: First Wave BioPharma
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