Sanofi announced that it agreed to acquire Provention Bio, which develops therapeutics for immune-mediated diseases, for approximately $2.9 billion.
Paris, France-based Sanofi agreed to acquire Provention Bio for $25 per share in cash. If the companies complete the acquisition, Sanofi expects a wholly-owned subsidiary to merge with and into Provention Bio. It intends to fund the deal with available cash resources and expects it to close in the second quarter of 2023.
Provention Bio develops therapies focused on intercepting and preventing immune-mediated diseases, including type 1 diabetes. Sanofi said the acquisition adds Provention Bio’s fully owned, first-in-class type 1 diabetes therapy to its core asset portfolio in general medicines. It also drives Sanofi’s strategic shift toward products with a differentiated profile, according to a news release.
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