Teva seeks to outbid Endo in battle for Nupathe

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.

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