GSK: Reasonably Priced Bellus Acquisition Adds Intriguing Pipeline Cough Treatment

GSK’s $2 billion acquisition of Bellus Health nets phase 3 cough treatment camlipixant at a reasonable price. We don’t expect any major changes to our fair value estimate for GSK based on the deal. Also, we don’t expect the acquisition to have an impact on the firm’s wide moat rating, but the added drug helps to expand GSK’s late-stage pipeline.