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BELLUS Health Receives Milestone Payment from Taro Pharmaceuticals
BELLUS Health Receives Milestone Payment from Taro Pharmaceuticals Canada NewsWire...
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[{"type":"text","content":"\n\n\n\nBELLUS Health Receives Milestone Payment from Taro Pharmaceuticals\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\n\n\n\n\n\n\nCanada NewsWire\nLAVAL, QC, Jan. 9, 2018\n\n\n\nLAVAL, QC, Jan. 9, 2018 /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 that it has received from Taro Pharmaceuticals Inc. (\"Taro\") a milestone payment of $400,000 in relation to the sale of its wholly-owned subsidiary Thallion Pharmaceuticals Inc. (\"Thallion\") in March 2017.\n\nOn March 16, 2017, BELLUS Health entered into a share purchase agreement with Taro for the sale of Thallion, including all the rights to the drug candidate Shigamab™. As consideration, BELLUS Health received a cash payment of $2.3 million on closing and was entitled to receive a payment of $0.4 million upon the completion of a pre-established milestone event. In addition, BELLUS Health will receive a portion of certain potential future post-approval revenues related to the Shigamab™ program.\n\nPayment to Thallion CVR Holders\n\nIn accordance with the terms of the agreements of the 2013 Thallion acquisition, 5% of the milestone payment received by BELLUS Health from the sale of Thallion, including the Shigamab™ technology (Shigamab™ Consideration), is payable to Contingent Value Rights (CVR) holders.\n\nAccordingly, on January 26, 2018, a net amount of $14,721 ($0.00041 per CVR) will be paid to CVR holders of record on January 9, 2018, which consists of the Shigamab™ Consideration of $20,000 less $5,279 for CVR agent costs. CVR agent costs were deducted from the Shigamab™ Consideration in conformity with the terms of the agreements of the 2013 Thallion acquisition by BELLUS Health.\n\nAbout BELLUS Health (www.bellushealth.com)\n\nBELLUS Health is a biopharmaceutical development company advancing novel therapeutics for conditions with high unmet medical need. Its pipeline of projects includes the Company's lead drug can...