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- Provention Bio Inc (NASDAQ:PRVB) has entered into a co-promotion agreement with Sanofi 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.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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