In this episode of Tank Talks, host Matt Cohen sits down with Roberto Bellini, Co-Founder of BSQUARED Capital and former CEO of Bellus Health, for a powerful conversation about family, legacy, and resilience in the world of biotech.
Originally recorded just two weeks before the passing of his father, Dr. Francesco Bellini, one of the founding giants of Canadian biotech, this re-recorded episode serves as a moving tribute to the man known as “Mr. Biotech Canada.” Roberto opens up about what it was like growing up under the guidance of such a visionary figure and how that experience shaped his own path as an entrepreneur and leader.
He reflects on the highs and lows of leading Bellus Health, from moments of near collapse to its remarkable $2 billion acquisition by GSK, sharing lessons on risk-taking, perseverance, and the importance of staying grounded through uncertainty. Roberto also offers his perspective on the future of Canadian biotech, highlighting the need for stronger late-stage funding and how BSquared Capital is helping to cultivate the next generation of innovators.
This episode isn’t just about business success; it’s about honoring a legacy, learning through adversity, and discovering what it truly means to build something that endures.
The Legacy of Dr. Francesco Bellini (00:02:52)
Francesco Bellini’s incredible immigrant story: from arriving in Canada with nothing to a $6B biotech exit.
Business was the family’s dinner table conversation, and attending AGMs as a child.
The founding of Biochem Pharma and the discovery of the groundbreaking HIV treatment.
“He was a visionary... he saw things before other people saw them.”
Growing Up in Biotech (00:06:30)
Roberto’s early memories of board meetings and dinner-table business lessons
How being “in the room” shaped his entrepreneurial mindset
Watching a $6B biotech deal become part of family history
The Rise, Fall, and Rebirth of Bellus Health (00:08:27)
Roberto’s journey from family office analyst to a 30-year-old, first-time CEO of a public company.
The devastating failure of the phase three trial for a rare kidney disease.
Inside a Biotech Failure: The intense, weekend-long “war room” process of unblinding clinical trial data and preparing for a public announcement.
The Second Act: Finding the Cough Drug (00:13:47)
Discovering a promising molecule through the NeoMed Institute
Betting the company’s future on a last-chance asset
Raising $20M when no one believed and turning it into a $2B success
Negotiating the GSK Deal (00:24:45)
The strategic shift from “build-to-sell” to “build-to-scale”, positioning the company for a premium acquisition.
The M&A Playbook: Why you should never lead with a desire to sell; the importance of building for independence.
The high-stakes negotiation with GSK: going from an $11 offer to $14.75, almost losing the deal, and the “mellow tone” that saved it.
The entrepreneur’s dilemma: “Every single entrepreneur I’ve met that sold their company, there’s always a moment of not wanting to do it.”
Building Canada’s Biotech Future (00:30:11)
Why Canada has the innovation but lacks the enduring biotech giants.
The critical gap: The need for more late-stage capital and the role of Canadian pension funds.
The “Gilead of the North” vision: Creating a virtuous cycle of capital, entrepreneurs, and translational science.
Upcoming trends: The convergence of AI and drug discovery to de-risk development and lower costs.
Beyond the Lab: Leadership, Risk, and Legacy (00:46:20)
Learning to embrace risk and find joy in reinvention
The best advice from Dr. B: “Spend your money, it’ll make you want to earn more.”
Why true success isn’t just building a company, but building people
About Roberto Bellini
Founder & Managing Partner, BSQUARED Capital
Roberto Bellini is a second-generation biotech entrepreneur and investor. As the former CEO of Bellus Health, he led the company’s dramatic turnaround and eventual $2 billion acquisition by GSK. Drawing on his deep operational experience in drug development, he now co-manages BSQUARED Capital, a family office focused on investing in and supporting promising biotech ventures. He is a passionate advocate for building a stronger, more resilient biotech ecosystem in Canada.
Connect with Roberto Bellini on LinkedIn: https://www.linkedin.com/in/robertobellini/
Visit BSQUARED Capital Website: https://bsq-c.com/
Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1
Visit the Ripple Ventures website: https://www.rippleventures.com/
