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First Wave BioPharma To Sell Niclosamide Program To Undisclosed Biopharmaceutical Company
(RTTNews) - Biopharmaceutical company First Wave BioPharma, Inc. (FWBI) announced Wednesday that it has entered a non-binding term sheet to sell its Niclosamide program for the treatment of inflammatory bowel diseases (IBD) such as ulcerative colitis and related conditions to an undisclosed biopharmaceutical company.
The proposed deal will enable First Wave BioPharma to focus its development resources on its three late-stage clinical programs: Capeserod, Adrulipase and Latiglutenase, a Phase 3-ready oral biotherapeutic for celiac disease.
The non-binding term sheet includes a low seven-figure upfront payment to First Wave BioPharma for rights to Niclosamide, as well as economics related to future milestones and royalties.
The transaction is expected to close in the first half of 2024.
Upon execution of the definitive agreement, the completion of the transaction will be subject to, among other matters, satisfaction of the conditions negotiated therein, the buyer having secured adequate financing, and receipt of all third party (including governmental) approvals, licenses, consents, and clearances, as and when applicable.
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