Kadmon Holdings, which is developing kinase inhibitors for autoimmune disease, fibrosis and solid tumors, lowered the proposed deal size for its upcoming IPO on Tuesday.
The New York, NY-based company now plans to raise $75 million by offering 6.3 million shares at a price of $12. Insiders intend to purchase $40 million worth of shares in the offering. The company had previously filed to offer 5.6 million shares at a range of $16 to $20. At the midpoint of the revised range, Kadmon Holdings will raise -25% less in proceeds than previously anticipated.
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.
