Kadmon Holdings shares opened at $11.55 in their Wednesday debut, below the initial public offering price of $12 per share.
Sam Waksal’s biotech company offered 6.25 million shares of common stock. Kadmon granted the underwriters a 30-day option to purchase up to an additional 937,500 shares of common stock at the IPO price.
Kadmon Holdings President & CEO Harlan Waksal, right, rings a ceremonial bell to mark the beginning of trading of his company’s IPO, on the floor of the New York Stock Exchange, Wednesday, July 27, 2016.
Sam Waksal
Criminal charges: Fraud, Conspiracy, Perjury (ImClone)
Criminal penalty: 87 months imprisonment
Sam Waksal was forced to step down from the CEO position in 2014 as the company planned an IPO, because his sentence also ruled that he was banned from serving as an officer or director to any public company for life. With Waksal leaving the role, his brother Harlan began serving as CEO. Sam Waksal remained with the company and transitioned into the role of Chief of Innovation.
In February 2016, Waksal left the Kadmon Pharmaceuticals but remained a shareholder in the company.
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