In pre-market trading, Provention Bio, Inc. (PRVB) increased 262.7% to $24.30 after Sanofi agreed to buy the business for $25.00 per share in cash, or an equity valuation of roughly $2.9 billion.
Provention Bio, a maker of diabetes medications located in Red Bank, New Jersey, will be acquired by Sanofi (NASDAQ:SNY) for about $2.9 billion.
According to the deal, Sanofi will launch a cash tender offer to buy all of the outstanding Provention shares for $25 in cash per share, representing a total equity value of about $2.9B.
Provention’s Tzield (teplizumab-mzwv), which was authorized in the U.S. last year as the first and only therapy to postpone the onset of Stage 3 type 1 diabetes, will be passed on to Sanofi through the acquisition.
