AzurRx BioPharma, Inc. (AZRX) stock was soaring today after the CEO of AzurRx issued a letter to shareholders regarding the acquisition of First Wave Bio. AZRX stock price saw a surge of 9.27%% to reach $4.48 a share at the time of this writing. The trading volume as of now was 6.415,154, very much high as compared to 417,352 average volume.
AzurRx BioPharma, Inc is the clinical-stage biopharmaceutical stock that develops recombinant proteins in order to treat gastrointestinal diseases. Its lead product candidate is MS1819 that treats exocrine pancreatic insufficiency. Let’s deep dive to explore more of it.
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AZRX stock to acquire First Wave Bio:
AzurRx stock announced a definitive agreement yesterday under which it will acquire First Wave Bio, a clinical-stage biotechnology company. The value for this transaction is $229 million and will be paid in the form of stock and cash. Furthermore, AZRX stock is going to change its corporate name to First Wave BioPharma, Inc. The stock will trade its shares in the Nasdaq stock market under the ticker symbol “FWBI”. The new ticker symbol will be effective on or about September 23, 2021.
AZRX stock will wholly own the niclosamide’s proprietary formulations of First Wave Bio. Niclosamide is a small molecule drug that addresses multiple GI conditions. Moreover, AzurRx will own the intellectual property portfolio of First Wave Bio.
Future Outcomes of First Wave BioPharma, Inc:
The creation of First Wave BioPharma, Inc and the acquisition of First Wave Bio will expand the GI development pipeline of AZRX stock. Moreover, this transformative event will create new growth opportunities in the inflammatory bowel disease therapeutic space. The portfolio now contains several IBD indications that point to multi-billion dollar commercial market opportunities. The management is optimistic that AZRX stock will play a huge part in addressing the unmet needs of IBD patients. AzurRx is anticipating strong growth as well as increased shareholder value.
Recent Financing of AZRX stock:
AzurRx in the first half of 2021 generated $23.0 million in gross proceeds via the offering of preferred and common stock. Moreover, it generated $4.6 million cash proceeds from the exercise of warrants.
So far so good for AzurRx stock as investors are foreseeing great potential in this stock so far. However, its 2021 performance is not so much satisfactory as it lost almost 50% year-to-date. In short, one must be aware of all facts and figures before adding this stock to the portfolio.