BELLUS Health Inc (TSX:BLU) said its shareholders have overwhelmingly approved a US$2 billion takeover by GSK PLC (LSE:GSK, NYSE:GSK).
The late-stage biopharmaceutical firm said in a statement that almost 100% of shareholders at a special meeting voted in favor of the US$14.75 per share offer.
GSK targeted Bellus for access to 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 refractory chronic cough (RCC).
In a statement in April, 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 commercialization capabilities.”
According to the companies, an estimated 28 million patients suffer from chronic cough, with 10 million patients globally and 6 million in the United States and European Union 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 the quality of life, with patients suffering from depression (53%), urinary incontinence (~50%), pain, rib fractures, social withdrawal, and loss of sleep. There are no approved medicines for RCC in the US and EU, the companies said.
Following the anticipated regulatory approval and launch of camlipixant in 2026, GKS said the acquisition is expected to be accretive to adjusted earnings per share from 2027 and has the potential to deliver significant sales through 2031 and beyond.
Bellus said it will present its application for a final order for the acquisition to the Superior Court of Québec on June 22, 2023. Subject to the Court’s approval, all closing conditions for the takeover have currently been met, with closing currently expected to occur on or about the end of the second quarter of 2023.
Contact the author at stephen.gunnion@proactiveinvestors.com