Nov 17 (Reuters) - Provention Bio (PRVB.O) said on Thursday the U.S. Food and Drug Administration had approved the use of its drug teplizumab in those aged eight years and older, the first treatment aimed at delaying the onset of insulin-dependent type 1 diabetes. In October, Provention signed a co-promotion deal for the drug with Sanofi (SASY.PA), 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 will also allow Sanofi to purchase up to $35 million of Provention's common stock. Current standard of care for type 1 diabetes requires patients to monitor and manage symptoms such as low or high blood sugar levels through regular insulin intake. Type 1 diabetes, previously known as juvenile diabetes, is a disease in which the immune system attacks and destroys the insulin-producing beta cells in the pancreas, leaving sufferers reliant on regular insulin injections.

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