By Adriano Marchese

Bellus Health Inc.'s Toronto-listed shares doubled Tuesday morning after the company agreed to sell itself to British pharmaceutical and biotechnology giant GSK PLC for $2 billion.

At 10:05 a.m. ET, shares trading in Toronto increased twofold to C$19.38.

Shareholders of the Laval, Quebec-based drug-development company will receive $14.75 a share, more than double Monday's U.S.-listed share price of $7.26.

The deal is expected to close by the third quarter of this year.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

April 18, 2023 10:27 ET (14:27 GMT)

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