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
08-09-23 0919ET