Blue Water Biotech stock rallies on acquiring six FDA-approved drugs for $8.5M

Blue Water Biotech (NASDAQ:BWV) has announced the signing of an Asset Purchase Agreement with WraSer and Xspire Pharma for the purchase of six FDA-approved assets across multiple indications, including cardiology, otic infections, and pain management.
Under the terms, Blue Water Biotech will purchase the WraSer Assets for a total of $8.5M cash consideration payable in three tranches.
In addition, WraSer shall receive 1M restricted shares of Blue Water’s common stock on the closing date.
This Agreement also includes the purchase of licenses to market and distribute two antibiotic otic products, OTOVEL^® and CETRAXAL^®, and their authorized generics currently marketed and distributed by WraSer.
The closing of the transaction is subject to certain customary closing conditions, as well as WraSer’s delivery of 2022 audited financial statements for WraSer’s parent company, Legacy-Xspire Holdings to Blue Water.
BWV is +61.75% to $1.28.