BLU-5937 is a small molecule commercialized by BELLUS Health, with a leading Phase III program in Chronic Cough. According to Globaldata, it is involved in 9 clinical trials, of which 5 were completed, 3 are ongoing, and 1 was terminated. GlobalData uses proprietary data and analytics to provide a complete picture of BLU-5937’s valuation in its risk-adjusted NPV model (rNPV). Buy the model here.

The revenue for BLU-5937 is expected to reach an annual total of $109 mn by 2036 in the US based off GlobalData’s Expiry Model. The drug’s revenue forecasts along with estimated costs are used to measure the value of an investment opportunity in that drug, otherwise known as net present value (NPV). Applying the drug’s phase transition success rate to remaining R&D costs and likelihood of approval (LoA) to sales related costs provides a risk-adjusted NPV model (rNPV). The rNPV model is a more conservative valuation measure that accounts for the risk of a drug in clinical development failing to progress.

BLU-5937 Overview

BLU-5937 (NEO-5937) is under development for the treatment of chronic refractory cough and and other cough hypersensitization-related disorders. The drug candidate is a benzoimidazole derivative, formulated as a tablet and is administered through oral route. The drug candidate targets P2X purinoceptor 3 (P2X3) receptor. It was also under development for interstitial cystitis (PBS/IC), osteoarthritis pain, visceral pain and chronic pruritus associated with atopic dermatitis.

BELLUS Health Overview

BELLUS Health is a clinical-stage biopharmaceutical company that focuses on developing novel therapeutics for treating patients with chronic cough and hypersensitization-related disorders. The company’s lead product, BLU-593 (formerly NEO5937) is a potent, orally bio-available, highly selective small-molecule antagonist of the P2X3 receptor which is being developed for treating refractory chronic cough, and chronic pruritus associated with atopic dermatitis. It has license agreement and collaborations with NEOMED institute for the development and commercialization of BLU-593. The company operates in Canada and the US through its subsidiaries. BELLUS Health is headquartered in Laval, Quebec, Canada.

The operating loss of the company was US$73.3 million in FY2021, compared to an operating loss of US$32.9 million in FY2020. The net loss of the company was US$71.2 million in FY2021, compared to a net loss of US$31.8 million in FY2020.

For a complete picture of BLU-5937’s valuation, buy the drug’s risk-adjusted NPV model (rNPV) here.


GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.

To create this model, GlobalData takes into account factors including patent law, known and projected regulatory approval processes, cash flows, drug margins and company expenses. Combining these data points with GlobalData’s world class analysis creates high value models that companies can use to help in evaluation processes for each drug or company.

The rNPV method integrates the probability of a drug reaching a clinical stage into the cash flow at that time, which provides a more accurate valuation, as it considers the probability that the drug never makes it through the clinical pathway to commercialization. GlobalData’s rNPV model uses proprietary likelihood of approval (LoA) and phase transition success rate (PTSR) data for the indication in the highest development stage, which can be found on GlobalData’s Pharmaceutical Intelligence Center.