Biotech Values

[DewDiligence]

AZRX reverse-merges into First Wave Biopharma:

https://www.globenewswire.com/news-release/2021/09/13/2295557/0/en/AzurRx-BioPharma-Announces-Acquisition-of-First-Wave-Bio-and-its-Proprietary-Niclosamide-Formulations-Targeting-Multi-Billion-Dollar-Inflammatory-Bowel-Disease-Indications.html

AzurRx BioPharma, a company specializing in the development of targeted, non-systemic therapies for gastrointestinal (GI) diseases, today announced that it has entered a definitive agreement to acquire [private] First Wave Bio, Inc. in a stock and cash transaction valued at $229 million, including certain development, regulatory and sales milestones. First Wave Bio is a clinical-stage biotechnology company specializing in the development of novel, gut-targeted, small molecule therapies for auto-immune inflammatory bowel diseases (IBD) and other serious conditions.

In conjunction with the acquisition, AzurRx announced that it is changing its corporate name to “First Wave BioPharma, Inc.” As part of the plan, First Wave BioPharma will trade its common shares on Nasdaq under the new ticker symbol, “FWBI,” which is anticipated to be effective on or about Thursday, September 23, 2021.

This deal is unusual insofar as AZRX’s existing management will continue to run the merged company, making the deal a hybrid between a reverse-merger and a regular-way merger. I’m classifying the deal as a reverse-merger for compilation purposes.