Kadmon Acquisition, Valuation, Funding & Investors

Kadmon was acquired by Sanofi for $1.9B in September 2021.

Kadmon acquisition price

$1.9B

Acquired by Sanofi · Sep 2021

Cumulative funding Kadmon raised

$86M

across 2 funding rounds

Key investors in Kadmon

  • RA Capital Management
  • Vivo Capital
  • Acuta Capital Partners

Kadmon Overview

About Kadmon

Kadmon is a New York-headquartered biopharmaceutical company developing therapies in immunology, fibrosis, and oncology. Its portfolio includes ROCK inhibitors like KD025 for chronic graft-versus-host disease and belumosudil for autoimmune conditions. Acquired by Sanofi in 2021, it maintains research sites in Warrendale, Pennsylvania, and Boston, Massachusetts, stemming from its 2009 incorporation.


Founded

2009

HQ

United StatesNew York City, NY

Website

kadmon.com

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Valuation

$1.9B (acquired Sep 2021)

Kadmon Acquisition

Kadmon was acquired by Sanofi for $1.9B on 8 September 2021.

Before the acquisition Kadmon had raised $86M across 2 funding rounds.

Kadmon acquisition details
AcquirerDateTypePrice
8 Sep 2021Strategic M&A$1.9B

Kadmon Funding History

Kadmon has raised a total of $86M across 2 funding rounds.

Kadmon's first fundraising round was a $6M Series A in August 2014. The most recent completed round was a $80M undisclosed-stage round in September 2017.

Kadmon funding rounds

Kadmon funding rounds
DateStageInvestorsRaisedDeal Summary
Sep 2017Undisclosed stageVivo Capital (lead); RA Capital Management (lead); Acuta Capital Partners (lead)$80MKadmon Holdings sold common stock and warrants in a pair of public offerings priced in September 2017, and Vivo Capital was among the lead investors. The offerings were 24,000,000 shares with accompanying warrants over 9,600,000 shares at a combined $3.00 per share and warrant, split between an underwritten offering and a registered direct offering to institutional investors. Gross proceeds were first expected at $72.0 million and reached approximately $80.4 million once the underwriters exercised their option in full. Each warrant covers 0.40 of a share at $3.35 per whole share and runs to September 2022. Kadmon's closing release said the financing was led by RA Capital Management, Vivo Capital and Acuta Capital, among others. Proceeds were earmarked for preclinical and clinical development, including KD025, a ROCK inhibitor in Phase 2 studies in autoimmune and fibrotic disease. Kadmon is a New York biopharmaceutical company founded in 2009 that developed small-molecule and biologic therapies and was later acquired by Sanofi.
Aug 2014Series A-$6MKadmon is a biotechnology company focused on developing treatments for various diseases, including hepatitis C through marketed products like ribavirin. By 2012, Kadmon had reached $25 million in annual revenue and targeted $40 million to $60 million in 2013. For the year ended December 31, 2014, Kadmon Pharmaceuticals reported sales of $63.5 million, which declined to $29.3 million in 2015 due to evolving treatment landscapes with new direct-acting antivirals. The company had raised significant prior capital, with over $675 million spent from inception through Q1 of the IPO year, leaving $8.6 million in cash and a $32.8 million net loss for that quarter. Major investors included Golden Tree Asset Management, Third Point Ventures, and 3RP Holdings. Kadmon generated sufficient revenue from commercial operations to support debt servicing during 2014 and 2015.

Who has invested in Kadmon?

3 investors have backed Kadmon across its funding rounds, including RA Capital Management, Vivo Capital and Acuta Capital Partners.

Lead investors include Vivo Capital, RA Capital Management and Acuta Capital Partners.


Kadmon Investors

Investors in Kadmon by funding rounds participated
InvestorHQRoundsRoleFirst check
Vivo CapitalUnited StatesPalo Alto1LeadSep 2017

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Kadmon Competitors

Kadmon competitors include listed companies like Maze Therapeutics, Pfizer India, Sarepta Therapeutics and Zenas BioPharma, and private ones like ArsenalBio and BioRay Pharmaceuticals.

Public and private companies comparable to Kadmon
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
ArsenalBioUnited StatesUnited StatesPrivate--$1.9B-
BioRay PharmaceuticalsChinaShanghaiPrivate$131M-$1.9B14.5x
Maze TherapeuticsUnited StatesUnited StatesPublicly listed-($140M)$1.9B90.3x
Pfizer IndiaIndiaIndiaPublicly listed$268M$92M$1.9B5.7x
Sarepta TherapeuticsUnited StatesUnited StatesPublicly listed$2.2B($656M)$1.9B1.1x
Zenas BioPharmaUnited StatesUnited StatesPublicly listed$10M($383M)$1.9B109.7x
Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Maze Therapeutics-($140M)-90.3x(11.0x)(9.0x)
Pfizer India$268M$92M5.9x5.7x17.0x15.7x
Sarepta Therapeutics$2.2B($656M)0.9x1.1x(3.2x)7.0x
Zenas BioPharma$10M($383M)191.7x109.7x(5.0x)(5.4x)
Kalbe Farma$1.9B$299M0.9x0.8x5.6x5.5x
Hepalink$822M$121M2.1x2.2x14.0x13.1x
Caplin Point Laboratories$231M$86M7.9x7.3x21.2x20.7x
Alivus Life Sciences$266M$88M6.9x6.3x20.8x18.8x

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Common questions about Kadmon

When was Kadmon founded?Kadmon was founded in 2009.
Where is Kadmon headquartered?Kadmon is headquartered in New York City, NY, United States.
Is Kadmon publicly listed?No, Kadmon was acquired by Sanofi in September 2021.
Who acquired Kadmon?Kadmon was acquired by Sanofi in September 2021.
How much was Kadmon acquired for?Kadmon was acquired for $1.9B in September 2021.
How much funding has Kadmon raised?Kadmon has raised $86M across 2 funding rounds.
What was Kadmon's last funding round?Kadmon's last funding round was a $80M undisclosed-stage round in September 2017, led by Vivo Capital, RA Capital Management and Acuta Capital Partners.
Who are Kadmon's investors?Kadmon's investors include Vivo Capital, RA Capital Management and Acuta Capital Partners.
Which companies are comparable to Kadmon?Companies comparable to Kadmon include ArsenalBio, BioRay Pharmaceuticals, Maze Therapeutics, Pfizer India, Sarepta Therapeutics and Zenas BioPharma.

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