- Teva (TEVA) has offered to buy Nupathe (PATH) for $3.65 a share, well above a bid of $2.85 from Endo Health Solutions (ENDP).
- Teva would pay another $3.15 a share depending on sales of Nupathe's Zecuity treatment, the only FDA-approved prescription migraine patch. Endo also offered that amount in milestone payments.
- Nupathe's board believes that Teva's offer "is reasonably expected to lead to a superior proposal" and will hold talks with the Israeli company, which is looking for new drugs to offset the upcoming Copaxone patent cliff.
- NuPathe's shares closed at $3.23 yesterday, giving it a market cap of $101.2M.
Teva seeks to outbid Endo in battle for Nupathe
Jan 8 2014, 07:31 ET