Sanofi to acquire Provention Bio for $2.9 billion
Sanofi has agreed to acquire Provention Bio for approximately $2.9 billion in cash. The deal adds TZIELD, a first-in-class therapy for delaying the onset of type 1 diabetes, to Sanofi's portfolio.
Sanofi announced an agreement to acquire Provention Bio, Inc., a biopharmaceutical company focused on immune-mediated diseases, for approximately $2.9 billion in cash. The transaction significantly expands Sanofi's presence in endocrinology and immunology.
Provention Bio's lead product, TZIELD (teplizumab-mzwv), is the first and only therapy approved in the U.S. to delay the onset of Stage 3 type 1 diabetes (T1D) in adults and pediatric patients aged eight years and older with Stage 2 T1D. The drug targets the underlying autoimmune process that leads to T1D.
The acquisition builds on an existing co-promotion agreement between Sanofi and Provention Bio in the U.S. Sanofi aims to leverage its global capabilities to maximize TZIELD's potential and reach the estimated 65,000 people annually diagnosed with T1D who could benefit from delaying disease progression.
Provention Bio also brings pipeline assets in early development. A Phase 3 trial, PROTECT, evaluating TZIELD in newly diagnosed T1D patients is ongoing, with results anticipated in the second half of 2023. Sanofi expects the acquisition to close in the second quarter of 2023, pending customary closing conditions.