Decibel Therapeutics Shares Surge on Regeneron Acquisition
August 09 2023 - 9:34AM
Dow Jones News
By Dean Seal
Shares of Decibel Therapeutics were markedly higher after the
company signed a deal to be acquired by Regeneron Pharmaceuticals
at a 43% premium from Tuesday's closing price.
The stock soared 77% to $4.95 in premarket trading. Shares were
up by a third year-to-date when the market closed Tuesday.
The Boston-based company said Wednesday that it has agreed to be
acquired by Regeneron for $4 a share.
The transaction includes an additional non-tradeable contingent
value right to receive up to $3.50 a share in cash for hitting
certain clinical development and regulatory milestones.
The deal is expected to close in the third quarter.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
August 09, 2023 09:19 ET (13:19 GMT)
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