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.
Sent to 12,378 people who get email alerts on TEVA.