Sanofi acquires Provention Bio for $25 per share or $2.9B

Sanofi (SNY) and Provention Bio (PRVB) have entered into an agreement under which Sanofi has agreed to acquire Provention Bio for $25.00 per share in cash, representing an equity value of approximately $2.9B. Sanofi will commence a cash tender offer to acquire all outstanding shares of Provention. If the tender offer is successfully completed, then following the successful completion of the tender offer, a wholly owned subsidiary of Sanofi will merge with and into Provention Bio. Subject to the satisfaction or waiver of customary closing conditions, Sanofi currently expects to complete the acquisition in Q2 of 2023. "The transaction adds an innovative, fully owned, first-in-class therapy in type 1 diabetes to Sanofi’s core asset portfolio in General Medicines and further drives its strategic shift toward products with a differentiated profile. TZIELD was approved in the U.S. last year as the first and only therapy to delay the onset of Stage 3 type 1 diabetes in adults and pediatric patients aged 8 years and older with Stage 2 T1D," Sanofi said in a statement.