Blue Water Biotech, Inc. BWV shares are ripping higher on Wednesday after the company announced the acquisition of six FDA-approved drugs across various treatment areas.
The Details:
Blue Water Biotech announced the signing of an Assest Purchase Agreement for the purchase of six FDA-approved assets from WraSer, LLC. and Xspire Pharma, LLC. (together, “WraSer”).
Blue Water Biotech will purchase the WraSer Assets for a total of $8.5 million cash consideration payable in three tranches, and WraSer will receive 1.0 million restricted shares of Blue Water’s common stock on the closing date.
Joseph Hernandez, chairman and CEO of Blue Water, commented, “In recent months, we have invested significant efforts to build our corporate infrastructure to support our transition into a commercial-stage company ... We are confident that bringing these assets into our portfolio will strengthen Blue Water’s financial position, allow us to advance our robust vaccine pipeline, and help millions of patients around the world receive proper access to critical treatments.”
Blue Water Biotech, Inc., formerly Blue Water Vaccines Inc., is a biotechnology company focused on developing therapies to address significant global health challenges including influenza, monkeypox, and Marburg disease.
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BWV Price Action: According to Benzinga Pro, Blue Water Biotech shares are trading over 67% higher at $1.32 at the time of publication.
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