Mr. Luke Miels of GSX reports
STOCK-EXCHANGE ANNOUNCEMENT - FOR MEDIA AND INVESTORS ONLY - GSK COMPLETES ACQUISITION OF BELLUS HEALTH
GSK PLC has completed the acquisition of Bellus Health Inc. by way of a plan of arrangement, in accordance with Section 192 of the Canada Business Corporations Act. The arrangement was approved by Bellus's shareholders on June 16, 2023. Bellus is a biopharmaceutical company working to better the lives of patients suffering from refractory chronic cough (RCC).
As previously announced, the acquisition of Bellus includes camlipixant, a potential best-in-class and highly selective P2X3 antagonist currently in phase 3 development for the first-line treatment of adult patients with RCC.
In connection with the closing of the arrangement, Bellus also announced the cancellation of its annual shareholder meeting, which was scheduled for June 30, 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 [research and development], manufacturing, and commercialization capabilities. We are now focused on progressing camlipixant through phase 3 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 (earnings per share) 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 $14.75 (U.S.) per common share in cash, representing a total equity value of $2-billion (U.S.) (1.6 billion pounds sterling, $2.6-billion (Canadian)). The per-share price represents a premium of approximately 103 per cent to Bellus's closing stock price on April 17, 2023, and a premium of approximately 101 per cent to Bellus's volume-weighted average price (VWAP) over the 30 trading days up to April 17, 2023.
It is estimated that 28 million patients suffer from chronic cough, with 10 million patients globally and six million in the United States 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. RCC significantly impacts quality of life, with patients suffering from depression (53 per cent), urinary incontinence (approximately 50 per cent), pain, rib fractures, social withdrawal and loss of sleep. There are no approved medicines for RCC in the U.S. and EU.
Camlipixant is an investigational, twice-daily oral P2X3 receptor antagonist for the treatment of RCC, which is currently being evaluated in the CALM phase 3 clinical development program. Given the need for novel and effective medicines for RCC, camlipixant has the potential to be a breakthrough in the treatment landscape.
Camlipixant is not currently approved anywhere in the world.
About Bellus Health Inc.
Bellus is a late-stage biopharmaceutical company working to better the lives of patients suffering from persistent cough.
About GSK in respiratory
For over 50 years, GSK has led the way in developing medicines that advance the management of asthma and COPD (chronic obstructive pulmonary disease), from introducing the world's first selective short-acting beta agonist in 1969 to launching six treatments in five years to create today's industry-leading respiratory portfolio.
About GSK PLC
GSK is a global biopharma company with a purpose to unite science, technology and talent to get ahead of disease together.
Early warning reporting
In connection with the arrangement above, 14934792 Canada Inc., a wholly owned subsidiary of GSK, and the purchaser for purposes of the arrangement, has filed an early warning report of Bellus under Bellus's profile on SEDAR. A copy of the early warning report can also be obtained by contacting Alison Pozzobon at 1-855-593-6274. The address of 14934792 Canada is 100 Milverton Drive, Suite 800, Mississauga, Ont., L5R 4H1, and the address of Bellus is 275 Blvd. Armand-Frappier, Laval, Que., H7V 4A7.
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