First Wave BioPharma, Inc. (NASDAQ: FWBI) shares are skyrocketing Wednesday after the company entered a non-binding term sheet to sell its Niclosamide program for the treatment of inflammatory bowel diseases, or IBD. The IBD program that treats ulcerative colitis and related conditions was sold to an undisclosed biopharmaceutical company, the company said in a press release. 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 proposed transaction will ena…

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