Provence Bio Stock Soars on $2.9 Billion Acquisition by Sanofi

text size

shares of

Provence Bio

surged on Monday after the biopharmaceutical company agreed to a French takeover

sanofi

(SNY) for $25 per share, or approximately $2.9 billion.

Provence Bio (ticker: PRVB), which focuses on autoimmune diseases, jumped 260% to $24.14 in premarket trading on Monday. The stock closed Friday at $6.70. Sanofi’s American Depository Receipts fell 0.3%.

Sanofi said in a statement that the acquisition will boost its treatments in type 1 diabetes. Sanofi will also have Prevention’s TZIELD, a therapy approved in the US last year to delay the onset of stage 3 type 1 diabetes (T1D) in adults with stage 2 T1D and in pediatric patients 8 years and older Is.

would be Sanofi’s largest acquisition since the purchase of Principia BioPharma According to Bloomberg, to more than $3 billion in 2020.

The acquisition builds on the existing TZIELD co-promotion agreement between the two companies.

Write to Joe Woelfel at [email protected]