France's Sanofi has agreed to acquire Provention Bio for $2.9 billion to bolster its work on type 1 diabetes therapy and to strengthen its drug pipeline following development setbacks.
A logo on the Sanofi exhibition space at the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France June 15, 2022. REUTERS/Benoit Tessierhas agreed to acquire Provention Bio for $2.9 billion to bolster its work on type 1 diabetes therapy and to strengthen its drug pipeline following development setbacks.
The deal would give the French drugmaker full ownership of the approved Tzield injection to delay progression of type 1 diabetes, which usually appears during childhood or adolescence, affecting about 65,000 people every year, it said in a statement. While growth in asthma and eczema drug Dupix is boosting Sanofi's sales, investors have criticised its drug development pipeline as weak.
Shares have yet to recover from a plunge in August following disappointing trial results of a once-promising breast cancer drug candidate. Sanofi, maker of long acting insulin products Toujeo and Lantus for type 2 diabetes, in 2019 quit further type 2 diabetes drug development.
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