Sanofi to pay $2.9B for Proven­tion Bio and its di­a­betes-de­lay­ing drug Tzield

Sanofi and Proven­tion Bio have made a $2.9 bil­lion deal for the French drug­mak­er to ac­quire the biotech, which last year won ap­proval for its drug to de­lay the on­set of type 1 di­a­betes.

Sanofi will pay $25 a share, the com­pa­nies an­nounced in a press re­lease, a 273% pre­mi­um over the New Jer­sey-based biotech’s clos­ing price Fri­day. The com­pa­nies al­ready had a deal for Sanofi to co-pro­mote the drug in the US, which they struck in Oc­to­ber, that gave Sanofi first dibs on ne­go­ti­at­ing any li­cens­ing rights for the drug.

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