Provention Bio Inc PRVB shares are trading higher by 20.6% to $5.97 Thursday morning after the company announced it has entered into a co-promotion agreement with Sanofi U.S. for the launch of its lead investigational drug candidate teplizumab.
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Provention says the company receives $20 million nonrefundable payment granting Sanofi exclusive right of first negotiation to in-license teplizumab globally for T1D. U.S. copromotion agreement leverages Sanofi's in-market infrastructure and established expertise in endocrinology to expand reach, increase awareness and drive T1D screening.
Provention says Sanofi to invest $35 million at a premium after a potential teplizumab FDA approval.
"This collaboration with Sanofi U.S. allows us to significantly expand our planned commercial footprint during launch to support increased screening and product awareness as we work to launch a new therapy that, if approved, will dramatically impact the lives of the patients and families we serve," said Jason Hoitt, Chief Commercial Officer, Provention Bio.
"In particular, Sanofi's long-standing relationships with key U.S. healthcare professionals will complement our focus on pediatric endocrinologists and help us address a larger patient population with greater efficiency."
According to data from Benzinga Pro, Provention Bio has a 52-week high of $8.04 and a 52-week low of $3.18.
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