: Sanofi to buy Provention Bio in deal worth $2.9 billion

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Shares of Provention Bio Inc. PRVB, -7.59% skyrocketed 260% in premarket trading Monday, after French pharmaceutical group Sanofi SNY, +0.49% SAN, -1.12% said Monday that it will buy the U.S.-based biopharmaceutical company focused on autoimmune diseases, for $25 per share in cash, in a deal with an equity value of $2.9 billion. The deal will allow Sanofi to add to its portfolio, TZIELD, which was approved in the U.S. last year as the first disease-modifying treatment for the delay of Stage 3 type 1 diabetes (T1D). Provention announced late last year a deal with Sanofi to co-promote the treatment in the U.S. Provention Bio’s stock is on track to open above its record close of $18.00 on Dec. 11, 2020.

This article was originally published by Marketwatch.com. Read the original article here.

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