Provention Bio diabetes drug costs $13,850/vial

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

The U.S. Food and Drug Administration approved use of the drug, which will be sold under the brand name Tzield, late 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 older.

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A 14-day regimen of the drug would translate into 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, giving the French drugmaker initial negotiation for exclusive worldwide rights to market the drug in exchange for a $20 million upfront payment.

Under the deal, the approval also allows Sanofi to purchase up to $35 million of Provention common stock.

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

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