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Sanofi SA (NASDAQ: SNY) has agreed to acquire Provention Bio Inc (NASDAQ: PRVB) for $25.00 per share in cash, representing an equity value of approximately $2.9 billion.
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The transaction adds a type 1 diabetes therapy to Sanofi's core asset portfolio in General Medicines, and further drives its strategic shift toward products with a differentiated profile.
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In November 2022, the FDA approved Tzield (teplizumab-mzwv) to delay the onset of stage 3 type 1 diabetes in adults and pediatric patients eight years and older with stage 2 type 1 diabetes.
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The purchase builds on an existing co-promotion agreement with Provention Bio, already delivering Tzield to patients needing this immune-mediated therapy.
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Tzield is also in late-stage clinical development for pediatric and adolescent patients newly diagnosed with clinical T1D (Stage 3).
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A Phase 3 trial, PROTECT, is underway, and top-line results are expected in the second half of 2023.
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Additional opportunities for TZIELD include re-dosing and formulations and new therapeutic indications.
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Sanofi currently expects to complete the acquisition in the second quarter of 2023.
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Price Action: PRVB shares are up 257.90% at $23.98 on the last check Monday.
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This article Provention Bio's $2.9B Acquisition - A Strategic Fit For Sanofi originally appeared on Benzinga.com
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