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PARIS (Reuters) – Sanofi announced on Monday the acquisition of the American biotechnology company Provention Bio for 25 dollars per share, i.e. a cash transaction at 2.9 billion dollars.
With this acquisition, the French pharmaceutical group intends to acquire full ownership of an innovative treatment for type 1 diabetes, he said in a press release.
The treatment, TZIELD (teplizumab-mzwv), was approved in the United States last year and is the first and only drug indicated to delay the onset of clinical type 1 (or stage 3) diabetes in adults and children from the age of eight with stage 2 type 1 diabetes.
“The acquisition of Provention Bio fits perfectly with Sanofi’s mission to offer drugs that are either the first or the best in their pharmacotherapeutic class,” said Olivier Charmeil, executive vice president of the general practice division, quoted in the press release.
Sanofi will finance the acquisition by drawing on its cash. The transaction is expected to close in the second quarter of 2023.
(Written by Blandine Hénault, edited by Matthieu Protard)