RTTNews | Sep 14, 2021 10:57AM EDT

10:56 Tuesday, September 14, 2021 (RTTNews.com) - Shares of AzurRx BioPharma, Inc. (AZRX) are gaining over 14% on Tuesday morning. The previous day, AzurRx agreed to buy First Wave Bio, Inc. in a stock and cash deal valued at $229 million.

AzurRx also said it will change its corporate name to First Wave BioPharma Inc., and will trade on Nasdaq under ticker symbol, FWBI.

First Wave Bio is a clinical-stage biotechnology company specializing in the development of gut-targeted, small molecule therapies for auto-immune inflammatory bowel diseases and other serious conditions.

AzurRx will wholly own all rights to First Wave Bio's formulations of niclosamide, a small molecule drug which features anti-viral and anti-inflammatory properties that are designed to address multiple gastrointestinal conditions.

AZRX is currently trading at $4.70, up $0.60 or 14.6341%, on the Nasdaq, on a volume of 8.8 million shares, far above the three-month average volume of 417 thousand shares. The stock has traded between $4.08 and $26.30 in the 52-week period.

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