Kadmon Holdings Shares Jump 77% Premarket After Sanofi Buyout Offer
08 September 2021 - 12:44PM
Dow Jones News
By Chris Wack
Kadmon Holdings Inc. shares were up 77% to $9.40 in premarket
trading 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.
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 06:29 ET (10:29 GMT)
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