What's Going On With First Wave BioPharma Stock?

First Wave BioPharma, Inc. (NASDAQ:FWBI) shares are trading higher Wednesday. 

What To Know:

First Wave BioPharma then announced on Dec. 27 that it had entered into a non-binding agreement to sell its niclosamide program for the treatment of inflammatory bowel diseases to an undisclosed biopharmaceutical company in order to streamline its clinical pipeline.

The non-binding term sheet includes a low seven-figure upfront payment to First Wave BioPharma for rights to niclosamide, as well as future milestones and royalties. The transaction is expected to close in the first half of 2024.

The company announced on Dec. 18 that it will acquire ImmunogenX in an all-stock transaction with the combined company focused on advancing a GI pipeline comprised of multiple late-stage clinical assets. The transaction is expected to close in the first half of 2024.

The company also recently effected a 1-for-20 reverse stock split of its outstanding shares of common stock.

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FWBI Price Action: According to Benzinga Pro, First Wave BioPharma shares are up 48% at $5.67 at the time of publication.

Image: Myriams-Fotos from Pixabay