Provention Bio Announces Collaboration With Sanofi To Expand Commercial Footprint For Teplizumab

(RTTNews) - Provention Bio, Inc. (PRVB) has entered into a co-promotion agreement with Sanofi U.S. for the launch of the company's lead investigational drug candidate teplizumab. Sanofi will commit commercial resources to expand the number of key healthcare professionals reached 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. Provention Bio retains all rights to teplizumab and maintains responsibility for the commercialization strategy.

Provention Bio also granted Sanofi, in consideration of a one-time payment of $20 million, an one-time right of first negotiation to obtain exclusive global rights to commercialize teplizumab for Type 1 diabetes indications in humans.

Provention Bio and Sanofi also entered into a Securities Purchase Agreement. If teplizumab is approved by the FDA, Sanofi has agreed to purchase $35 million of the company's common stock. The closing date would occur no later than February 16, 2023.