Bellus’ focus on cough program pays off with $2B GSK buyout

The $2 billion sale of Bellus Health to GSK shows that a small biotech narrowly focused on a single program can still find a buyer for a large transaction, provided it can build a case that its asset is differentiated and can compete with others belonging to big pharmas.

Since Bellus Health narrowed its remit in 2017 to a chronic cough program, the Canadian biotech has gradually built a case for the molecule, selective P2X3 antagonist camlipixant (BLU-5937), even with a Phase II setback in 2020. The company found a path to value creation, culminating in a deal Tuesday that makes it the latest company with a de-risked, late-stage asset to choose the M&A route...