Kadmon Holdings Inc. was trading at $10.77, below its $12 issue price, in the biotech company’s market debut. Kadmon sold 6.25 million shares at $12 a piece to raise $75 million. Kadmon was founded by Sam Waksal, who founded ImClone Systems and later went to prison, as did Martha Stewart, after an insider trading scandal. The offering was underwritten by Citigroup and Jefferies.
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