Source – GSK
On 28 June 2023, GSK and BELLUS Health announced the completion of GSK’s acquisition of BELLUS through a plan of arrangement under the Canada Business Corporations Act. The acquisition includes BELLUS’ innovative product, camlipixant, a highly selective P2X3 antagonist currently in phase III development for the initial treatment of refractory chronic cough (RCC) in adult patients.
The arrangement was approved by BELLUS’ shareholders. As a result, BELLUS has canceled its annual shareholder meeting originally 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, 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.”
Upon the completion of the arrangement, GSK acquired all outstanding common shares of BELLUS at a cash price of US$14.75 per common share, amounting to a total equity value of US$2.0 billion (£1.6 billion/C$2.6 billion). This per-share price represents a premium of approximately 103% over BELLUS’ closing stock price on April 17, 2023, and a premium of approximately 101% over BELLUS’ volume-weighted average price (VWAP) during the 30 trading days leading up to April 17, 2023.
Camlipixant, the key asset acquired through the transaction, is an investigational oral P2X3 receptor antagonist being evaluated in the CALM phase III clinical development program for RCC. Chronic cough affects an estimated 28 million patients, with approximately 10 million patients globally, including 6 million in the United States (US) and European Union (EU), experiencing RCC for over a year. RCC is characterized by a persistent cough lasting more than eight weeks that does not respond to treatment for underlying conditions or remains unexplained. This condition significantly impacts patients’ quality of life, leading to depression (53%), urinary incontinence (~50%), pain, rib fractures, social withdrawal, and sleep disturbances. Currently, there are no approved treatments for RCC in the US and EU.
The acquisition of BELLUS and the subsequent regulatory approval and launch of camlipixant are expected to contribute to adjusted earnings per share (EPS) growth from 2027 and have the potential to generate substantial sales through 2031 and beyond. With the urgent need for effective therapies for RCC, camlipixant represents a potential breakthrough in the treatment landscape for this condition.
