Biotech Values

[DewDiligence]

REGN acquires DBTX for $4.00/sh cash +CVR; the cash portion of the deal is a 43% premium to yesterday’s close, but a 78% discount to DBTX’s 2021 IPO (#msg-161773246):

https://finance.yahoo.com/news/regeneron-acquire-decibel-therapeutics-strengthening-113000878.html

Regeneron Pharmaceuticals and Decibel Therapeutics…today announced a definitive agreement for the acquisition of Decibel by Regeneron at a price of $4.00 per share of Decibel common stock payable in cash at closing, with an additional non-tradeable contingent value right (CVR) to receive up to $3.50 per share in cash upon achievement of certain clinical development and regulatory milestones for Decibel’s lead investigational candidate, DB-OTO, within specified time periods.

The nominal deal value (excluding the CVR) is $109M.