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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