Deals
Sanofi Agrees to Pay $2.9 Billion For Provention Bio
- Deal would give French drugmaker new diabetes medicine
- Sanofi offers $25, more than three times biotech’s stock price
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Sanofi agreed to buy Provention Bio Inc. in a $2.9 billion deal intended to bolster the French drugmaker’s portfolio of diabetes medicines with a new therapy recently approved in the US.
The takeover builds on an agreement between the two companies for the commercialization of the drug, a monoclonal antibody for the delay of clinical type 1 diabetes developed by Provention.