Provention Bio, Sanofi Set Co-Promotion Pact for Teplizumab U.S. Launch
October 06 2022 - 8:10AM
Dow Jones News
By Colin Kellaher
Provention Bio Inc. on Thursday said it has entered into a
co-promotion agreement with French pharmaceutical giant Sanofi SA
ahead of the anticipated U.S. launch of Provention's diabetes drug
candidate teplizumab.
Provention, a Red Bank, N.J., biopharmaceutical company, said
Sanofi will co-promote the drug, which is under U.S. Food and Drug
Administration review for the delay of clinical type 1 diabetes in
at-risk individuals. Sanofi also is making a $20 million
nonrefundable payment in exchange for the exclusive right of first
negotiation to license the drug globally, Provention said.
Sanofi has agreed to buy $35 million of Provention common stock
at a premium if teplizumab wins FDA approval. The agency has set a
target action date of Nov. 17, Provention said.
Provention said the collaboration with Sanofi significantly
expands its planned commercial footprint during the launch of
teplizumab to support increased screening and product
awareness.
Sanofi said the agreement adds to its current commercial
activities in diabetes care.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
October 06, 2022 07:55 ET (11:55 GMT)
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