Shares of biopharma company, Bellus Health (NASDAQ: BLU) surged in pre-market trading on Tuesday after GSK (NYSE: GSK) acquired the company for $14.75 per share for a total of approximately $2 billion in cash. (£1.6 billion).
Claim 70% Off TipRanks This Holiday Season
- Unlock hedge-fund level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
The acquisition would provide GSK access to Bellus’ investigational drug camlipixant, a P2X3 antagonist which is currently in a phase 3 trial for refractory chronic cough.
Luke Miels, Chief Commercial Officer, GSK, commented, “Camlipixant, a novel, highly selective P2X3 antagonist, has the potential to be a best-in-class treatment with significant sales potential. This proposed acquisition complements our portfolio of specialty medicines and builds on our expertise in respiratory therapies.”
Even with today’s price surge, BLU stock has lost more than 14% of its value year-to-date.