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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