Shares of Boston's Decibel Therapeutics Inc soared 72% in the first minutes of trading after Regeneron Pharmaceuticals weighed in with what looks calculated to be a knock-out bid for the tiny drug developer.
The deal values Decibel Therapeutics, which is working on treatments aimed at enhancing and restoring hearing and balance, at $109 million. This could potentially rise to $213 million, contingent upon the achievement of specific milestones.
The stock was changing hands for $4.79, up $2.