Sanofi Entered into a Co-Promotion Service Agreement with Provention Bio to Commercialize Teplizumab for Type 1 Diabetes
Shots:
- Provention Bio to receive $20M up front. Sanofi to invest $35M in Provention common shares at a premium of 40% with a closing date on Feb 2023 & will co-promote teplizumab in the US
- Provention holds all rights to teplizumab & will lead all activities along with reimbursing field force-related expenses. Sanofi gets an exclusive right of 1st negotiation to in-license teplizumab globally for T1D & can exercise its early negotiation right until June 2023 & also extend within 2023
- The agreement enables Provention Bio to use Sanofi's expertise, capabilities & commercial resources to launch teplizumab which is currently under the US FDA’s review while the US FDA’s decision on teplizumab's regulatory approval is expected on Nov 17, 2022
Ref: PRNewswire | Image: Sanofi
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