Press Release April 27, 2021

Clarus Therapeutics to Become Publicly Traded Company Through $379 Million Business Combination with Blue Water Acquisition Corp.

The Life Sciences team advised Clarus Therapeutics in its definitive business combination agreement with Blue Water Acquisition Corp. (NASDAQ: BLUW), a special purpose acquisition company, 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. Additionally, current Clarus stakeholders will invest an additional $25 million in Clarus following the announcement of this transaction. The transaction, which has been unanimously approved by the Boards of Directors of Clarus and Blue Water is subject to approval by Clarus’s stockholders, Blue Water’s stockholders and other customary closing conditions. The proposed business combination is expected to be completed in the third quarter of 2021.

Clarus Therapeutics is a pharmaceutical company with expertise and interest in developing androgen and metabolic therapies for men and women — including potential therapies for orphan indications. Clarus’s first commercial product, JATENZO, was launched in early 2020.

The Goodwin team was led by Arthur McGivern, Yasin Akbari, Mitchell Bloom, Mayan Katz, Daniel Espinoza, Katherine Hand, Alexandra Haas, Crescent Moran Chasteen, Grace Wirth, Daniel Karelitz and Marina Ahmad.

For additional details on the transaction, please read the press release.