Provention Bio's $2.9B Acquisition - A Strategic Fit For Sanofi

Benzinga2023-03-14

Sanofi SA has agreed to acquire Provention Bio Inc for $25.00 per share in cash, representing an equity value of approximately $2.9 billion.

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.

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.

The purchase builds on an existing co-promotion agreement with Provention Bio, already delivering Tzield to patients needing this immune-mediated therapy.

Tzield is also in late-stage clinical development for pediatric and adolescent patients newly diagnosed with clinical T1D (Stage 3).

A Phase 3 trial, PROTECT, is underway, and top-line results are expected in the second half of 2023.

Additional opportunities for TZIELD include re-dosing and formulations and new therapeutic indications.

Sanofi currently expects to complete the acquisition in the second quarter of 2023.

Price Action: PRVB shares are up 259.55% at $24.09 on Monday.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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