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Blue Water Acquisition is a series of healthcare‑focused special purpose acquisition companies (SPACs). The first Blue Water Acquisition Corp. completed a reverse‑merger business combination with Clarus Therapeutics in 2021 and no longer has standalone operations.[3][8] Subsequent vehicles (Blue Water Acquisition Corp. III and IV) are blank‑check companies targeting acquisitions in the biotechnology, healthcare, and technology sectors and do not themselves develop drugs or run clinical programs.[4][8][12][13]
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