Still haunted by its founder’s scandalous past, Kadmon scores a $75M IPO
Like a number of biotechs these days, Kadmon had to lower its price and bump up the number of shares to get its IPO done. Unlike the rest of the field, though, it also had to send off its scandal-tainted founder before it filed the offering.
By the weakened standards of the hour on Wall Street—where investor interest in biotech has cooled—Kadmon Holdings did pretty well, raising $75 million by selling 6.25 million shares at $12 apiece, the low end of the range it had set for itself. That’s considerably less than the $100 million-plus the New York City-based biotech had hoped for.
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