Sanofi’s $2.9 Billion Provention Bio Deal Draws Investor Lawsuit

An investor sued Provention Bio Inc. on Tuesday over concerns that its planned $2.9 billion sale to Sanofi SA may have been driven by the interests of insiders who stand to make hundreds of millions.

The lawsuit in Delaware’s Chancery Court seeks internal files from Provention Bio to investigate allegations that $25-per-share the deal was engineered by company leaders who were willing to fudge financial forecasts downward in their quest to cash out “illiquid” holdings worth roughly $285 million.

“There is a credible basis to suspect that the proposed transaction is the result of a potentially conflicted and flawed process ...