Kadmon Holdings, Inc. (NASDAQ: KDMN) is engaged as a biopharmaceutical company, which is focused on the research, discovery, and development of novel therapeutics for a range of unmet medical needs. The company’s Rezurock product is an oral tablet designed to treat patients with chronic graft-versus-host disease (cGVHD).
Shares of the biopharma company are soaring 73% during early trading on Wednesday, September 8, 2021. Over the past three months, Kadmon has seen average daily volume of 3.75 million shares. However, volume of 45.17 million shares or dollar volume of $412.85 million, has already exchanged hands through the first hour of trading on Wednesday.
The biopharmaceutical company saw shares soar after the company entered into a definitive merger agreement with France’s Sanofi (NASDAQ: SNY). Kadmon shareholders will receive $9.50 per share in cash, giving the transaction a value of $1.9 billion. This represents a 79% premium compared to the closing price on September 7, 2021 and a 113% premium over the 60-day volume weighted average price.
The Kadmon acquisition comes as Sanofi looks to continue growing its general medicines core assets. The recently FDA-approved Rezurock will be added to Sanofi’s existing transplant portfolio comprised of Thymoglobulin and Mozobil. Thymoglobulin is a polyclonal, anti-human thymocyte antibody and Mozobil is a hematopoietic stem cell mobilizer.
“We are excited that Sanofi has acknowledged the value of Rezurock and the deep potential of our pipeline,” said Harlan Waksal, M.D., President and Chief Executive Officer, Kadmon. “By leveraging Sanofi’s global resources and long-standing expertise in developing and commercializing innovative medicines, Rezurock is now well positioned for global accessibility, faster. I want to thank the entire Kadmon team, including management and the Board of Directors, and the Sanofi organization, for their ongoing commitment to patients and their caregivers.”
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