Kadmon Shares Rise 72% After Sanofi Bid of $9.50 a Share
09 September 2021 - 1:23AM
Dow Jones News
By Chris Wack
Kadmon Holdings Inc. shares were up 73% to $9.15 Wednesday after
Sanofi SA said it was buying the biopharmaceutical company for
$9.50 a share in cash, which represents a total equity value of
$1.9 billion.
Volume for the stock was 49.5 million shares at 10:45 a.m. ET,
compared with 65-day average volume of 3.7 million shares. The
stock hit a 52-week high of $9.20 earlier in the session.
Kadmon's pipeline includes drug candidates for immune and
fibrotic diseases, as well as immuno-oncology therapies.
The transaction is expected to be modestly dilutive to Sanofi's
earnings in 2022.
The offer price represents a premium of 79% over Tuesday's
closing price, and a premium of 113% over the 60 trading days
volume-weighted average price.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
September 08, 2021 11:08 ET (15:08 GMT)
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