Sanofi S.A. announced on March 13 that it acquired Lebanon, New Jersey-based Provention Bio. The purchase price was $25 per share in cash, representing an equity value of approximately $2.9 billion.
The transaction adds a 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.
Provention Bio is a biopharmaceutical company focused on advancing the development of investigational therapies that may intercept and prevent debilitating and life-threatening, immune-mediated diseases. Provention ended Q3:22 with $186.5 million in cash, cash equivalents and marketable securities.
Sanofi is a global pharmaceutical company focused on preventing illness with vaccines and providing treatments to fight pain. It is based in Paris.
According to data captured in the LevinPro HC database, this acquisition marks the 35th Biotechnology transaction of 2023 as well as the largest purchase price in the sector, so far.
