Blue Water Biotech has expanded its commercial portfolio with the purchase agreement of six assets from WraSer. The agreement includes an $8.5m cash payment and the offering of one million restricted shares.
Blue Water’s deal includes treatments across cardiology, otic infections, and pain management indications and will see Zontivity (vorapaxar), Trezix (acetaminophen-caffeine-dihydrocodeine), Nalfon (fenoprofen calcium), Conjupri (levamlodipine), Otovel (ciprofloxacin and fluocinolone acetonide) and Cetraxal (ciprofloxacin) all exchange hands to Blue Water’s ownership. All six treatments are US Food and Drug Administration (FDA) approved.
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At market open, shares in Blue Water surged 90% higher than the previous day’s (13 June) market close. The company has a market cap of $20m. Blue Water’s major purchasing agreement comes at a time when pharma mergers and acquisitions are beginning to pick up after a slow start to 2023.
Included in the agreement are the patents related to Zontivity – a medication for patients with myocardial infarction history or with peripheral arterial disease. Blue Water will now also have marketing and distribution rights to Otovel and Cetraxal – both ear infection treatments.
The two pain medications – Trezix and Nalfon – will also change ownership as well as the calcium channel blocker Conjupri.
In a statement announcing the agreement, Joseph Hernandez, chairman and CEO of Blue Water, stated that the company has significantly invested in recent months with the aim of solidifying its stature as a newly transitioned commercial-stage biotech company.
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By GlobalDataThe six newly acquired medicines join Entadfi (finasteride and tadalafil) in Blue Water’s portfolio. Blue Water bought the FDA-approved benign prostatic hyperplasia treatment from Veru for a total cost of $100m in April 2023.
“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,” said Hernandez.
