Kadmon Holdings, a biotech developing kinase inhibitors for autoimmune disease, fibrosis and solid tumors, announced terms for its IPO on Thursday.
Kadmon was founded by former ImClone CEO Sam Waksal after his prison term for insider trading relating to the Marth Stewart scandal; the biotech is now led by brother Harlan Waksal.
The New York, NY-based company plans to raise $100 million by offering 5.6 million shares at a price range of $16 to $20, with certain insiders having indicated on buying 40% of the deal. Additionally, Kadmon filed documents for top shareholders who are selling 1.4 million shares. At the midpoint of the proposed range, Kadmon Holdings would command a fully diluted market value of $651 million.
Kadmon Holdings was founded in 2009 and booked $38 million in sales for the 12 months ended March 31, 2016. It plans to list on the NYSE under the symbol KDMN. Citi and Jefferies are the joint bookrunners on the deal. It is expected to price during the week of July 25, 2016.
