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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