Provention Bio Inc (NASDAQ:PRVB) surges on acquisition news

Provention Bio Inc (NASDAQ:PRVB) last traded at $24.10, a gain of $17.40 (+259.70%). More than 36M shares exchanges hands compared to an average daily volume of 1.74M shares.

Provention Bio Inc. (NASDAQ: PRVB) is a biopharmaceutical company that focuses on developing and commercializing treatments for autoimmune diseases and other chronic conditions. The company’s lead product candidate, Teplizumab, is designed to prevent or delay the onset of Type 1 diabetes. Teplizumab is currently in Phase 3 clinical trials and has been granted “Breakthrough Therapy” designation by the U.S. Food and Drug Administration (FDA).

Provention Bio also has several other product candidates in various stages of development for other autoimmune diseases, including Crohn’s disease, lupus, and celiac disease. The company has collaborations with leading academic institutions and pharmaceutical companies to further advance its research and development efforts.

Pfizer (NASDAQ: PFE) has announced its acquisition of Seagen (NASDAQ: SGEN) for $43 billion, which is expected to be completed by the end of this year or early next year. Seagen uses antibody drug conjugates to combat tumors, and the acquisition is expected to add at least $10 billion to Pfizer’s revenue in 2030. Seagen is projected to increase its sales by 12% to $2.2 billion this year. Seagen’s stock (SGEN) rose 14.5%, while Pfizer’s stock (PFE) rose 1.2% following the announcement. In a separate deal, Sanofi (Exchange: SNY) will acquire Provention Bio (NASDAQ: PRVB) for $2.9 billion, causing PRVB stock to soar 259.7%.