BELLUS Health and Pharmascience announce scheduled conversion of Pharmascience's interest in BHI Limited Partnership

Ad blocking detected

Thank you for visiting We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Club
$299/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

BELLUS Health and Pharmascience announce scheduled conversion of Pharmascience's interest in BHI Limited Partnership

Canada NewsWire

- Issuance of 6,350,638 common shares of BELLUS Health to Pharmascience upon conversion -

- BELLUS Health's fully diluted number of common shares unchanged at 65.9 million -

LAVAL, QC, June 2, 2016 /CNW/ - BELLUS Health Inc. (TSX: BLU) ("BELLUS Health" or the "Company"), a drug development company focused on rare diseases, and Pharmascience Inc. ("Pharmascience"), a leading manufacturer of generic drugs, today announced the exercise of Pharmascience's right to convert its 10.4% interest (the "Units") in BHI Limited Partnership ("BHI LP") into 6,350,638 common shares of the Company. Following the transaction, BHI LP will be wholly-owned by BELLUS Health.

"This conversion is the final step to the completion of our capital structure's simplification that started in 2012", said Roberto Bellini, President and Chief Executive Officer of BELLUS Health. "The next milestone in our business plan this year is the KIACTA™ Phase 3 Confirmatory Study top-line results, which are expected before the end of June".

Following the transaction, the Company will have approximately 61.1 million common shares outstanding and will continue to have approximately 65.9 million common shares on a fully diluted basis, taking into account approximately 4.8 million common shares issuable under the Company's stock option plan.

Following the transaction, Pharmascience will hold 6,350,638 common shares of the Company, representing 10.4% of the Company's issued and outstanding common shares (9.6% on a fully diluted basis).

Pharmascience first acquired the Units in connection with the strategic partnership entered into with BELLUS Health on May 25, 2012. Pharmascience did not convert the Units with a view to materially affect control of BELLUS Health.

About BELLUS Health (

BELLUS Health is a drug development company focused on rare diseases. Its pipeline of rare disease projects includes KIACTA™ in Phase 3 for AA amyloidosis, KIACTA™ for sarcoidosis, clinical stage Shigamab™ for sHUS and a research-stage project for AL amyloidosis. The lead program KIACTA™ has completed a Phase 3 Confirmatory Study for the treatment of AA amyloidosis, an orphan indication resulting in renal dysfunction that often leads to dialysis and death, and top-line results are expected in Q2 2016. BELLUS Health is partnered with global private equity firm Auven Therapeutics for the development of KIACTA™.

About Pharmascience (

Established in 1983, privately owned Pharmascience Inc. is the 3rd largest retail generic manufacturer and 10th largest pharmaceutical company in Canada, with a highly skilled workforce of 1,623 employees, 1,546 of which are Quebec-based. Pharmascience Inc. commercializes nearly 400 product families in 20 different dosage forms for over 2,000 products, including generic, branded prescription and over-the-counter consumer products. In Canada alone, more than 45 million prescriptions a year are filled with Pharmascience products. Additionally, Pharmascience has a significant international presence in 60 countries. Operationally, Pharmascience is fully integrated and controls all aspects of its operations, from R&D, through manufacturing to commercialization.

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 obtain financing, the impact of general economic conditions, general conditions in the pharmaceutical industry, changes in the regulatory environment in the jurisdictions in which the 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, dependence on Auven Therapeutics for the completion of the KIACTA™ Phase 3 Confirmatory Study 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 the KIACTATM Phase 3 Confirmatory Study and the sharing of proceeds between Auven Therapeutics and BELLUS Health Inc. from potential future revenue of KIACTA™ are dependent upon a number of factors, including the quantum of proceeds. 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.


Copyright CNW Group 2016

Comment On!

Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to (via Easy Blurb).