Benzinga | Sep 13, 2021 09:19AM EDT

AzurRx BioPharma Announces Reverse Merger With First Wave Bio

* AzurRx BioPharma Inc (NASDAQ: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.