GSK concludes acquisition of BELLUS Health
Upon completion of the Arrangement, GSK acquired all outstanding common shares of BELLUS for US$14.75 per common share in cash, representing a total equity value of US$2.0 billion.
London: GSK plc and BELLUS Health Inc. have announced GSK has completed the acquisition of BELLUS, a biopharmaceutical company by way of a plan of arrangement in accordance with Section 192 of the Canada Business Corporations Act (the “Arrangement”). The Arrangement was approved by BELLUS’ shareholders on 16 June 2023.
As previously announced, the acquisition of BELLUS includes camlipixant, a potential best-in-class and highly selective P2X3 antagonist currently in phase III development for the first-line treatment of adult patients with refractory chronic cough (RCC).
In connection with the closing of the Arrangement, BELLUS also announced the cancellation of its annual shareholder meeting, which was scheduled for 30 June 2023.
Luke Miels, Chief Commercial Officer, GSK said, “The acquisition of BELLUS is highly synergistic with GSK’s expertise in respiratory medicines and is further supported by GSK’s leading R&D, manufacturing, and commercialisation capabilities. We are now focused on progressing camlipixant through phase III trials to offer a therapeutic option for RCC patients as soon as possible.”
Following the anticipated regulatory approval and launch of camlipixant, the acquisition is expected to be accretive to adjusted EPS from 2027 and has the potential to deliver significant sales through 2031 and beyond.
Upon completion of the Arrangement, GSK acquired all outstanding common shares of BELLUS for US$14.75 per common share in cash, representing a total equity value of US$2.0 billion (£1.6 billion/C$2.6). The per-share price represents a premium of approximately 103% to BELLUS’ closing stock price on 17 April 2023 and a premium of approximately 101% to BELLUS’ volume-weighted average price (VWAP) over the 30 trading days up to 17 April 2023.
It is estimated that 28 million patients suffer from chronic cough, with 10 million patients globally and 6 million in the United States (US) and European Union (EU) suffering from RCC for over a year. RCC is defined as a persistent cough for more than eight weeks that does not respond to treatment for an underlying condition or is otherwise unexplained.2 RCC significantly impacts quality of life, with patients suffering from depression (53%), urinary incontinence (~50%), pain, rib fractures, social withdrawal, and loss of sleep. There are no approved medicines for RCC in the US and EU.
