- Provention Bio Inc (NASDAQ: PRVB) has entered into a co-promotion agreement with Sanofi (EPA:SASY) SA (NASDAQ: SNY) to launch Provention's lead investigational candidate, teplizumab, to delay type 1 diabetes in at-risk individuals.
- Teplizumab is under FDA review, with an action date of November 17.
- Under the terms of the agreement, Sanofi will commit commercial resources in the U.S. In exchange, Provention will reimburse field force-related expenses that Sanofi will incur in connection with commercializing teplizumab under the agreement.
- Also read: Provention Bio's Coxsackievirus Vaccine Candidate Elicits Durable Virus-Neutralizing Antibodies At Six Months.
- Provention retains all rights to teplizumab and maintains responsibility for the commercialization strategy.
- The company also granted Sanofi, in consideration of a one-time payment of $20 million, an exclusive, one-time right of first negotiation (ROFN) to obtain exclusive global rights to commercialize teplizumab for Type 1 diabetes.
- Sanofi may exercise the ROFN, until June 30, 2023, with an option to extend within 2023 under certain conditions.
- Simultaneously, Sanofi has agreed to purchase $35 million of Provention Bio's stock.
- Price Action: PRVB shares are up 13.1% at $5.60 during the premarket session on the last check Thursday.
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Sanofi, Provention Bio Ink Co-Promotion Pact For Type 1 Diabetes Treatment Candidate
Published 06/10/2022, 13:03
Updated 06/10/2022, 13:40
Sanofi, Provention Bio Ink Co-Promotion Pact For Type 1 Diabetes Treatment Candidate
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