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Sanofi, a leading pharmaceutical company, has recently completed its acquisition of Provention Bio, Inc. This marks a significant milestone in Sanofi's strategic shift towards novel therapies addressing areas of high unmet need.
The Acquisition Deal
The acquisition includes Provention Bio's innovative first-in-class therapy for type 1 diabetes, TZIELD (teplizumab-mzwv). This addition to Sanofi's portfolio in General Medicines is set to play a vital role in its growth in immune-mediated diseases and disease-modifying therapies.
Sanofi is thrilled to finalize the acquisition of Provention Bio, Inc. This strategic fit aligns with our growth in immune-mediated diseases and disease-modifying therapies addressing areas of high unmet need. - Executive Vice President, General Medicines, Sanofi
Approval and Market Entry
On November 17, 2022, the U.S. Food and Drug Administration gave its approval for TZIELD injection, intended to delay the onset of stage 3 type 1 diabetes in adults and pediatric patients 8 years and older who currently have stage 2 type 1 diabetes.
As of April 27, 2023, Provention Bio's common stock will cease to be traded on the NASDAQ Global Select Stock Market, following the completion of the acquisition.
Stock Market 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. Sanofi accepted for payment and will promptly pay for all shares validly tendered and not validly withdrawn.
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.
Advisory Teams
Sanofi's advisory team for the acquisition included PJT Partners as financial advisor and Weil, Gotshal & Manges LLP as legal counsel. 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, as an innovative global healthcare company, is driven by a single purpose: to chase scientific miracles to improve people's lives. With teams across nearly 100 countries, the company is dedicated to transforming medical practice and making the impossible possible. Sanofi offers potential life-changing treatments and life-saving vaccine protection to millions of people globally while placing sustainability and social responsibility at the heart of its ambitions.
Indications
TZIELD is indicated for:
Diabetes Mellitus, Type 1
Immune System Diseases
By acquiring Provention Bio, Sanofi accelerates strategic R&D decision making with Synapse, PatSnap’s AI-powered Connected Innovation Intelligence Platform Built for Life Sciences Professionals.
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Note: The content above is for informational purposes only and does not constitute financial advice. Please contact a professional advisor for financial advice.
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