KDMN - Why Kadmon Holdings Stock Is Rocketing Higher Today
Barely a month after acquiring Translate Bio for its mRNA pipeline, French pharmaceutical giant Sanofi (NASDAQ: SNY) is at it again with a buyout of Kadmon Holdings (NASDAQ: KDMN) . Ahead of the opening bell Wednesday morning, Sanofi and Kadmon announced the two companies have agreed to an all-cash merger agreement worth $1.9 billion on a fully diluted basis.
In response to this news, Kadmon's shares jumped by as much as 76% in premarket trading Wednesday morning. This $1.9 billion buyout deal represents a whopping 79% premium relative to where the company's shares closed yesterday.
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Why Kadmon Holdings Stock Is Rocketing Higher Today