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BELLUS Health announces sale of its equity interest in FB Health for total consideration up to CA$2.5M
BELLUS Health announces sale of its equity interest in FB Health for total consideration u...
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[{"type":"text","content":"\n\n\n\nBELLUS Health announces sale of its equity interest in FB Health for total consideration up to CA$2.5M\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nLAVAL, QC, June 19, 2017\n\n\n\nTransaction expected to close on or about June 30, 2017\n\n\n\nLAVAL, QC, June 19, 2017 /CNW/ - BELLUS Health Inc. (TSX: BLU) (BELLUS Health or the Company), a biopharmaceutical development company advancing novel therapeutics for conditions with high unmet medical need, today announced the sale of its equity interest in FB Health S.p.A. (FB Health). BELLUS Health acquired its interest in FB Health in 2013 when the Company granted FB Health a license for BLU-8499, a drug candidate for the treatment of Alzheimer's disease.\n\nFB Health shareholders entered into a share purchase agreement with NuPharm Italy S.p.A. (NPI), pursuant to which NPI will acquire all issued and outstanding shares of FB Health. NPI / FB Health will be new members of the Invent Farma (Spain) / neuraxpharm (Germany) Group.\n\nFor its share, BELLUS Health will receive a potential total consideration of approximately CA$2.5 million, consisting of an upfront payment of CA$1.7 million at closing and a potential revenue-based milestone payment of up to CA$0.8 million, which will be determined one year after the closing of the transaction.\n\n\"In addition to supporting the development of BLU-5937, our lead drug candidate for the treatment of chronic cough, the non-dilutive proceeds from this transaction are expected to extend our cash runway to the first quarter of 2019,\" said Roberto Bellini, President and Chief Executive Officer of BELLUS Health. \n\nClosing of the transaction is subject to customary closing conditions and is expected to occur on or about June 30, 2017; however, there can be no assurances that closing will occur within that timeframe or at all. \n\nAbout FB Health (www.fb-health.com) \n\nFB Health is an Italy-based specialty pharma company focused on neurology and psychiatry that distributes more than ten nutraceutical and pharmaceutical products ...