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Why Is Provention Bio (PRVB) Stock Up 263% Today?


  • Provention Bio (PRVB) stock is rising on acquisition news.
  • Sanofi (SNY) is paying $2.9 billion in cash for the company.
  • That represents a $25 per share offer for the stock.
PRVB Stock - Why Is Provention Bio (PRVB) Stock Up 263% Today?

Source: Shutterstock.com

Provention Bio (NASDAQ:PRVB) stock is rocketing higher on Monday following news that Sanofi (NASDAQ:SNY) is acquiring the company.

That deal has Sanofi agreeing to acquire Provention Bio for $25 per share in cash. That represents a roughly 244.9.% premium over the stock’s closing price on Friday. It also has the total value of the deal sitting at $2.9 billion.

Sanofi is moving forward with its acquisition of Provention Bio to bolster its drug portfolio. Provention Bio is focused on intercepting and preventing immune-mediated diseases, such as Type-1 diabetes.

Olivier Charmeil, executive vice president of General Medicines at Sanofi, said the following about the deal:

“The acquisition of Provention Bio builds on Sanofi’s mission to deliver best- and first-in-class medicines and resonates with our purpose of chasing the miracles of science for the benefit of people. By coupling Provention Bio’s transformative innovation with Sanofi’s expertise, we aim to bring life-changing benefits to people at risk of developing Stage 3 type 1 diabetes.”

PRVB Stock Movement on Monday

Following news of the acquisition deal, shares of PRVB stock are seeing heavy trading this morning. That has some 2 million shares on the move as of this writing. That’s already well above its daily average trading volume of about 1.1 million shares.

PRVB stock is up also 262.7% in pre-market trading on Monday.

There’s even more recent stock market news traders need to know about below!

We’ve got all of the hottest stock market news for investors to read about today. That includes the biggest pre-market stock movers on Monday, as well as updates on how bank stocks are moving. You can find out more on these matters at the following links!

More Monday Stock Market News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2023/03/why-is-provention-bio-prvb-stock-up-263-today/.

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