The big news pushing KDMN stock higher today is Sanofi announcing plans to acquire the company. This will have it paying $9.50 per share for the company’s stock, which comes to a total of roughly $1.9 billion. That’s also a 79% premium over the stock’s closing price on Tuesday.
The Boards of Directors at Kadmon Holdings and Sanofi have both unanimously approved of the deal. This should see it close during the fourth quarter of 2021. SNY also notes that it expects the deal to be slightly dilutive to its earnings per share in 2022.
Here’s everything investors need to know about Kadmon Holdings as its stock soars higher today.
- KDMN is a a biopharmaceutical company with a focus on discovering, developing, and delivering “transformative therapies for unmet medical needs.”
- Rezurock is one of the company’s approved treatments available to patients now.
- It’s an oral tablet taken once daily to treat “adult and pediatric patients 12 years and older with chronic graft-versus-host disease.”
- However, it can’t be used until “failure of at least two prior lines of systemic therapy.”
- Kadmon Holdings also has several other treatments in its development pipeline.
- Among them are candidates for “immune and fibrotic diseases as well as immuno-oncology therapies.”
Harlan Waksal, M.D., president and CEO of Kadmon Holdings, said this about the deal boosting KDMN stock today.
“We are excited that Sanofi has acknowledged the value of Rezurock and the deep potential of our pipeline. 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.”
KDMN stock was up 72.6% as of Wednesday morning.
Traders looking for more market news today will want to keep reading.
There’s plenty to discuss today that investors are going to want to know about. That includes the latest Algorand (CCC:ALGO-USD) price predictions, today’s pre-market stock movers, as well as what sent eFFECTOR (NASDAQ:EFTR) higher yesterday. You can learn all about that at the following links!
More Wednesday Stock Market News
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.