Sanofi to Pay $2.9 Billion for US Biotech Provention Bio (4)

Sanofi agreed to buy Provention Bio Inc. in a $2.9 billion deal intended to bolster the French drugmaker’s portfolio of diabetes medicines with a new therapy recently approved in the US.

The takeover builds on an agreement between the two companies for the commercialization of the drug, a monoclonal antibody for the delay of clinical type 1 diabetes developed by Provention.

Sanofi’s offerof $25 per share in cash is more than triple the Red Bank, New Jersey-based biotech company’s closing price on Friday. Shares of the French drugmaker fell as much as 1.9% Monday, while Provention Bio surged as ...