MONSEY, N.Y., Aug. 09, 2023 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP is investigating the fairness of the $4.00 per share in cash, plus a contingent value right (“CVR”) for up to $3.50 per share in cash, pursuant to which Decibel Therapeutics, Inc. (Nasdaq: DBTX) (“Decibel”) has agreed to be sold to Regeneron Pharmaceuticals, Inc. (“Regeneron”) via a tender offer.
If you remain a Decibel shareholder and question the fairness of the price, you may contact our firm at the following link to discuss your legal rights at no charge:
https://wohlfruchter.com/cases/decibel-therapeutics/
Alternatively, you may contact us by phone at 866-833-6245, or via email at alerts@wohlfruchter.com.
Why is there an investigation?
On August 9, 2023, Decibel announced that it had agreed to be sold to Regeneron via a tender offer at a price of $4.00 per share of in cash, with an additional non-tradeable 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.
“We are investigating whether the Decibel Board of Directors acted in the best interests of Decibel shareholders in approving the sale,” explained Joshua Fruchter, a founding partner of Wohl & Fruchter. “This includes the terms of the CVR, including the probability that the milestones will be achieved within the timelines specified.”
Notably, according to an analysis of Wall Street price targets for Decibel in the last 90 days published on Seeking Alpha, there is a high price target of $23.00 per share, and an average price target of $15.33 per share, which indicates that several Wall Street analysts think the deal price is far too low given Decibel’s prospects.
About Wohl & Fruchter
Wohl & Fruchter LLP has for over a decade been representing investors in litigation arising from fraud and other corporate misconduct, and recovered hundreds of millions of dollars in damages for investors. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
Contact:
Wohl & Fruchter LLP
Joshua E. Fruchter
Toll Free 866.833.6245
alerts@wohlfruchter.com
www.wohlfruchter.com
