Transaction expected to close on or about
June 30, 2017
LAVAL, QC, June 19, 2017 /CNW/ - BELLUS Health Inc. (TSX:
BLU) (BELLUS Health or the Company), a biopharmaceutical
development company advancing novel therapeutics for conditions
with high unmet medical need, today announced the sale of its
equity interest in FB Health S.p.A. (FB Health). BELLUS Health
acquired its interest in FB Health in 2013 when the Company granted
FB Health a license for BLU-8499, a drug candidate for the
treatment of Alzheimer's disease.
FB Health shareholders entered into a share purchase agreement
with NuPharm Italy S.p.A. (NPI), pursuant to which NPI will acquire
all issued and outstanding shares of FB Health. NPI / FB Health
will be new members of the Invent Farma (Spain) / neuraxpharm (Germany) Group.
For its share, BELLUS Health will receive a potential total
consideration of approximately CA$2.5 million, consisting of an
upfront payment of CA$1.7 million at closing and a potential
revenue-based milestone payment of up to CA$0.8 million, which will
be determined one year after the closing of the transaction.
"In addition to supporting the development of BLU-5937, our lead
drug candidate for the treatment of chronic cough, the non-dilutive
proceeds from this transaction are expected to extend our cash
runway to the first quarter of 2019," said Roberto Bellini, President and Chief Executive
Officer of BELLUS Health.
Closing of the transaction is subject to customary closing
conditions and is expected to occur on or about June 30, 2017; however, there can be no
assurances that closing will occur within that timeframe or at
all.
About FB Health (www.fb-health.com)
FB Health is an Italy-based
specialty pharma company focused on neurology and psychiatry that
distributes more than ten nutraceutical and pharmaceutical products
in Italy.
About BELLUS Health
(www.bellushealth.com)
BELLUS Health is a biopharmaceutical development company
advancing novel therapeutics for conditions with high unmet medical
need. Its pipeline of projects includes BLU-5937 for chronic cough
and several other partnered clinical-stage drug development
programs.
About Invent Farma / neuraxpharm Group
(www.invent-farma.es and
www.neuraxpharm.de)
Created in August 2016, following
the acquisition by funds advised by Apax Partners, the Group Invent
Farma / neuraxpharm is a leader in generic pharmaceutical products
for the treatment of disorders of the central nervous system (CNS).
The Group is the combination of the Barcelona-based Invent Farma with
Düsseldorf-based neuraxpharm. Invent Farma has 50 years' experience
in the development, manufacturing and marketing of pharmaceutical
products, while neuraxpharm is a leading CNS brand that has earned
the trust of specialist doctors, pharmacists and patients in over
three decades.
Forward-Looking Statements
Certain statements contained in this news release, other than
statements of fact that are independently verifiable at the date
hereof, may constitute "forward-looking statements" within the
meaning of Canadian securities legislation and regulations. Such
statements, based as they are on the current expectations of
management, inherently involve numerous important risks,
uncertainties and assumptions, known and unknown, many of which are
beyond BELLUS Health Inc.'s control. Such risks factors include but
are not limited to: the ability to expand and develop its project
pipeline, the ability to obtain financing, the impact of general
economic conditions, general conditions in the pharmaceutical
industry, changes in the regulatory environment in the
jurisdictions in which BELLUS Health Inc. does business, stock
market volatility, fluctuations in costs, changes to the
competitive environment due to consolidation, achievement of
forecasted burn rate, potential payments/outcomes in relation to
indemnity agreements and contingent value rights, achievement of
forecasted pre-clinical and clinical trial milestones and that
actual results may vary once the final and quality-controlled
verification of data and analyses has been completed. In addition,
the length of BELLUS Health Inc.'s drug candidates development
process, their market size and commercial value, as well as the
sharing of proceeds between BELLUS Health Inc. and its potential
partners from potential future revenues, if any, are dependent upon
a number of factors. Consequently, actual future results and events
may differ materially from the anticipated results and events
expressed in the forward-looking statements. The Company believes
that expectations represented by forward-looking statements are
reasonable, yet there can be no assurance that such expectations
will prove to be correct. The reader should not place undue
reliance, if any, on any forward-looking statements included in
this news release. These forward-looking statements speak only as
of the date made, and BELLUS Health Inc. is under no obligation and
disavows any intention to update publicly or revise such statements
as a result of any new information, future event, circumstances or
otherwise, unless required by applicable legislation or regulation.
Please see BELLUS Health Inc.'s public filings with the Canadian
securities regulatory authorities, including the Annual Information
Form, for further risk factors that might affect BELLUS Health Inc.
and its business.
SOURCE BELLUS Health Inc.