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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