GSK offer at $14.75 cash USD GSK to buy Canada's Bellus Health for $2 bln
FILE PHOTO: GSK logo is displayed in this illustration taken January 17, 2022. REUTERS/Dado Ruvic/Illustration April 18 (Reuters) - GSK Plc (GSK.L) will buy Canada-based drug development company Bellus Health Inc (BLU.TO) in an all-cash deal for $2 billion, the companies said on Tuesday, as the British pharmaceuticals maker bets on respiratory therapies.
GSK's offer of $14.75 per share is more than double Bellus' closing price of $7.26 on the Nasdaq on Monday.
The acquisition gives GSK access to camlipixant, which is in late-stage development for the first-line treatment of adult patients with refractory chronic cough (RCC).
The acquisition is expected to be accretive to GSK's adjusted earnings per share from 2027 following the anticipated regulatory approval and launch of camlipixant in 2026.
"Camlipixant, a novel, highly selective P2X3 antagonist, has the potential to be a best-in-class treatment with significant sales potential," said GSK chief commercial officer Luke Miels.