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Provention Bio diabetes drug to cost $13,850/vial

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(Reuters) – Provention Bio Inc said on Friday its recently approved diabetes drug, teplizumab, would cost $13,850 a vial.

The U.S. Food and Drug Administration approved use of the drug, to be sold under brand name Tzield, late on Thursday for delaying the onset of insulin-dependent type 1 diabetes, which is less common than type 2 of the disease, for people aged 8 years and above.

A 14-day regimen of the drug would translate to a price of $193,900, the company said on a conference call.

In October, Provention signed a co-promotion deal for the drug with Sanofi, offering the French drugmaker first negotiation for exclusive global rights to commercialize the drug in exchange for an upfront payment of $20 million.

As per the deal, the approval also allows Sanofi to purchase up to $35 million of Provention’s common shares.

Shares of New Jersey-based Provention Bio were down nearly 8% before the bell.

(Reporting by Raghav Mahobe and Nandhini Srinivasan in Bengaluru; Editing by Vinay Dwivedi and Shinjini Ganguli)

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