Business
GSK completes acquisition of BELLUS Health
GSK completes acquisition of BELLUS Health.
About this update from Gsk Plc
[{"type":"text","content":"\n\nIssued: 28 June 2023, London UK\n \nGSK completes acquisition of BELLUS Health\n \n\n\nGSK plc (LSE/NYSE: GSK) and BELLUS Health Inc. (TSX/NASDAQ: BLU) today announced GSK has completed the acquisition of BELLUS, a biopharmaceutical company working to better the lives of patients suffering from refractory chronic cough (RCC), 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.\n \nAs 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 RCC.\n \nIn connection with the closing of the Arrangement, BELLUS also announced the cancellation of its annual shareholder meeting, which was scheduled for 30 June 2023.\n \nLuke 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.\"\n \nFollowing 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.\n \nFinancial Considerations\nUpon 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.\n \nAbout RCC\nIt 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.1 RCC is defined as a persistent cough for more than eight weeks that does not respond to treatment ...