By Chris Wack

Kadmon Holdings Inc. shares were up 77% to $9.40 in premarket trading 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.

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 06:29 ET (10:29 GMT)

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