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.
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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.