BELLUS Health Closes US$40 Million Public Offering of Common Shares in Canada and the United States, Including Full Exercise of Underwriters’ Option to Purchase Additional Shares

BELLUS Health Inc. (NASDAQ: BLU)(TSX: BLU) (the “Company” or “BELLUS Health”), a clinical-stage biopharmaceutical company developing novel therapeutics for the treatment of chronic cough and other hypersensitization-related disorders, today announced that it has completed its previously-announced underwritten public offering in Canada and the United States (the “Offering”) of 17,888,889 common shares at a price to the public of US$2.25 per common share, which includes the exercise in full of the underwriters’ option to purchase additional common shares. The total gross proceeds to the Company were approximately US$40 million, before deducting the underwriting commissions and any expenses related to the Offering.

BELLUS Health’s common shares are dual-listed on the Nasdaq Global Market (“Nasdaq”) and the Toronto Stock Exchange (“TSX”) under the trading symbol “BLU”. For the purposes of the TSX approval, the Company relied on the exemption set forth in Section 602.1 of the Manual, which provides that the TSX will not apply its standards to certain transactions involving eligible interlisted issuers on a recognized exchange, such as Nasdaq (evidence that the volume of trading of the Company’s securities on all Canadian marketplaces in the 12 months immediately preceding the date of the application was less than 25% attached).

The Company intends to use the net proceeds of the Offering primarily to fund research and development activities, general and administrative expenses, working capital needs and other general corporate purposes, as set out in the Supplement (as defined below).

Jefferies and Evercore ISI acted as joint book-running managers, and LifeSci Capital acted as co-manager for the Offering.

The Offering was made in Canada pursuant to a prospectus supplement dated October 19 (the “Supplement”) to the Company’s short form base shelf prospectus dated January 17, 2020 (the “Base Prospectus”) and in the United States pursuant to a registration statement on Form F-10, which was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on January 21, 2020 (the “Registration Statement”), containing the Supplement and Base Prospectus filed with the SEC in accordance with the Multijurisdictional Disclosure System established between Canada and the United States.