Provention Bio will be Acquired by Sanofi for $2.9 BillionPharmaceutical
Sanofi is focusing in on a specialty division they have had in the business a very long time, diabetes. This comes after losing a bid for Horizon Therapeutics to Amgen back in December.
Provention Bio will be acquired by Sanofi for a cash price of $25 per share, coming to around $2.9 billion overall. In Q2 this year, the transaction is anticipated to be finalised.
“Sanofi is focusing in on diabetes after losing a bid for Horizon Therapeutics to Amgen back in December “
As of November 2022, Sanofi has had the rights to use Provention's Tzield immunotherapy, which is intended to stop the development of type 1 diabetes.
The deal to buy 100% of Provention in one go follows an earlier marketing agreement for a US medicine unveiling and makes use of Sanofi's high-level capabilities in diabetes.
Sanofi's involvement in the sector is primarily limited to insulins, which puts the business at a disadvantage when juxtaposed with its competitors Eli Lilly and Novo Nordisk.
One of the main components of Chief Executive Officer Paul Hudson's strategy to reorient Sanofi in 2019 was to discontinue diabetic Research & Development.
The intention was to focus on their current best-performing commercial goods, such as vaccines and immunology product Dupixent, and cut loose any low performing areas.
However, Sanofi is prepared for a half comeback to the diabetes market with its purchase of Provention.
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