Provention Bio, Inc. (Nasdaq: PRVB) (the “Company”), a biopharmaceutical company dedicated to intercepting and preventing immune-mediated diseases, today announced the closing of the $35 million equity investment from Sanofi US under the previously announced Co-Promotion Agreement and Securities Purchase Agreement (the “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. The Provention Bio COMPASS™ patient support team has been working closely with prescribing physicians and their eligible T1D patients to efficiently navigate reimbursement and insurance coverage processes and gain access to our game-changing Stage 2 T1D therapeutic option.”
Olivier Bogillot, Head of U.S. General Medicines, Sanofi, stated, “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, par value $0.0001 per share, at a price of $12.90 per share, representing a total investment of $35 million.