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Why Kadmon Holdings Stock Is Rocketing Higher Today

TheMotleyFool

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Why Kadmon Holdings Stock Is Rocketing Higher TodayPhoto, wide shot, wide-angle lens, Clinical research organization, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by David Maisel: https://img.theapi.app/temp/0e9d087d-988e-4397-b7cf-6049e2776769.png

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.

Image source: Getty Images.

Source Fool.com

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