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Provention Bio Completes $35M Equity Investment from Sanofi US

Companies collaborating to expand access to TZIELD, the first approved disease-modifying therapy for type 1 diabetes.

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By: Kristin Brooks

Managing Editor, Contract Pharma

Provention Bio, Inc., a biopharmaceutical company dedicated to intercepting and preventing immune-mediated diseases, completed the $35 million equity investment from Sanofi US under the previously announced Co-Promotion Agreement and Securities Purchase Agreement.
 
“Our Sanofi co-promotion agreement, together with this equity investment, bring significant financial and human capital to Provention in support of our commercial launch of TZIELD (teplizumab-mzwv), more than doubling our original field presence in the U.S.,” said Jason Hoitt, Chief Commercial Officer, Provention Bio. “TZIELD is the first immunomodulatory therapy approved to delay the onset of Stage 3 type 1 diabetes (T1D) in adults and pediatric patients aged 8 years and older with stage 2 T1D. TZIELD’s recent FDA approval advances our purpose to intercept autoimmunity in its earlier stages, rather than waiting to manage end-stage disease when symptoms, irreversible tissue damage, and serious complications appear. Over the past few months, we have been partnering with our colleagues at Sanofi to increase awareness and access to TZIELD.”
 
Olivier Bogillot, Head of U.S. General Medicines, Sanofi, said, “We are excited to continue supporting Provention Bio in the U.S. commercial launch of TZIELD, the first approved disease-modifying therapy for type 1 diabetes. We have been leveraging our established infrastructure and expertise in endocrinology to enhance patient and healthcare provider access. The closing of our equity investment in Provention further strengthens this key collaboration.”
 
Pursuant to the Purchase Agreement, Sanofi purchased 2,712,497 shares of the Company’s common stock at a price of $12.90 per share, representing a total investment of $35 million.

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