Clarus Therapeutics Inc., a pharmaceutical company focused providing service to unmet medical needs by advancing androgen and metabolic therapies for men and women, and Blue Water Acquisition Corp., a special purpose acquisition company, have made a definitive business combination agreement that will result in Clarus becoming a publicly traded company. This transaction values Clarus at $379 million on a fully diluted basis, assuming no redemptions by Blue Water stockholders. In addition, current Clarus stakeholders will invest an additional $25 million in Clarus following the announcement of this transaction.
“When I established Clarus, the singular focus of our team was the development and launch of an oral TRT product to address a significant void in treatment options available to appropriate men in need of testosterone therapy,” said Robert Dudley, chairman, CEO and president of Clarus. “When Jatenzo launched in early 2020, it represented not only the culmination of those efforts but also brought our collective vision to life. Clarus is now ready to enter the public markets and build out its pipeline. The merger with Blue Water Acquisition Corp. is expected to bring fresh capital and exceptional board members to the company so that we can expand our commercialization of Jatenzo in the U. S., develop new innovative products, and set a broader course for Clarus beyond men’s health.”
“We are excited about the prospects for Clarus,” said Joseph Hernandez, chairman and CEO of Blue Water Acquisition Corp. “Clarus’s commitment to the success of Jatenzo, deep bench of expertise, proclivity for innovation, compelling financial profile and attractive growth prospects are the drivers for our decision to select Clarus as our merger partner after a thorough search. We look forward to working with the impressive team at Clarus to close our merger in a timely manner.”
Truist Securities acted as a financial advisor and Needham & Company acted as a capital markets advisor to Clarus. Cantor Fitzgerald & Co. and Oppenheimer & Co. Inc. acted as capital markets advisors to Blue Water Acquisition Corp. Maxim Group LLC acted as financial advisor to Blue Water. Goodwin Procter served as legal counsel to Clarus. Ellenoff Grossman & Schole LLP served as legal counsel to Blue Water. Mayer Brown LLP served as legal counsel to the capital markets advisors.