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Sanofi Concludes Purchase of Provention Bio, Inc.

Sanofi, a global leader in healthcare innovation, has finalized its acquisition of Provention Bio, Inc., adding a new, groundbreaking therapy for type 1 diabetes to their portfolio.


Acquisition Overview

The acquisition of Provention Bio, Inc. by Sanofi has successfully been finalized. This strategic acquisition has resulted in the addition of a novel, first-in-class therapy for type 1 diabetes, known as TZIELD (teplizumab-mzwv), to Sanofi's central asset portfolio. This move propels Sanofi's strategy of focusing on products with a unique profile.

"We are excited to finalize our acquisition of Provention Bio, Inc. This strategic fit for Sanofi lies at the intersection of our growth in immune-mediated diseases and disease-modifying therapies in areas of high unmet need." - Executive Vice President, General Medicines, Sanofi

FDA Approval and Market Impact

On the 17th of November, 2022, TZIELD received approval from the U.S. Food and Drug Administration. This injection has been approved to delay the onset of stage 3 type 1 diabetes in adults and pediatric patients aged 8 and above who currently have stage 2 type 1 diabetes.

Following the approval, the acquisition was finalized with the tender offer for all outstanding shares of Provention Bio common stock concluding on the 26th of April, 2023.

This event marks a significant step in Sanofi's pursuit to provide innovative solutions for complex health issues, offering a new treatment option for individuals suffering from type 1 diabetes.

Acquisition Details

The tender offer for all of the outstanding shares of Provention Bio common stock expired at one minute after 11:59 P.M., Eastern Time, on Wednesday, April 26, 2023. All conditions to the offer, including the minimum tender condition, have been fulfilled, leading to the acceptance of payment for all shares validly tendered and not validly withdrawn by Sanofi on April 27, 2023.

In connection with the merger, all Provention Bio shares not validly tendered in the tender offer have been converted into the right to receive the same $25.00 per share in cash, without interest thereon and net of any applicable withholding taxes, that would have been paid had such shares been validly tendered in the tender offer.

As of April 27, 2023, Provention Bio common stock will cease to be traded on the NASDAQ Global Select Stock Market.

Advisory Roles

During the acquisition process, PJT Partners acted as the exclusive financial advisor to Sanofi while Weil, Gotshal & Manges LLP provided legal counsel.

On the other hand, BofA Securities, Inc. and Centerview Partners LLC acted as financial advisors to Provention Bio, with Ropes & Gray LLP serving as its legal counsel.

Sanofi's Mission

Sanofi is a global healthcare company that is driven by one purpose: to chase the miracles of science to improve people's lives. Their team, spread across around 100 countries, is dedicated to transforming the practice of medicine by striving to turn the impossible into the possible.

They provide potentially life-changing treatment options and life-saving vaccine protection to millions of people worldwide. At the same time, Sanofi places sustainability and social responsibility at the heart of their ambitions.

Indications

The newly acquired therapy, TZIELD, is indicated for the treatment of Diabetes Mellitus, Type 1, and other Immune System Diseases.

Strategic R&D Decision Making

With the acquisition of Provention Bio, Sanofi continues to accelerate its strategic R&D decision making with the help of Synapse, PatSnap’s AI-powered Connected Innovation Intelligence Platform, built specifically for Life Sciences Professionals.

Conclusion

The acquisition of Provention Bio, Inc. by Sanofi has marked a significant step forward in the company's commitment to providing innovative solutions for complex health issues. With the addition of TZIELD to their portfolio, Sanofi is set to make a significant impact in the treatment of type 1 diabetes, offering a new hope for millions of patients worldwide.

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