NuPathe accepts Teva’s higher counter bid, rejecting Endo offer

21 January 2014

Israel-based Teva Pharmaceutical Industries (NYSE: TEVA) seems set to bag ownership of US drugmaker NuPathe (Nasdaq: PATH), which was already in a deal to be acquired by Endo Health Solutions (Nasdaq: ENDP), with the company accepting Teva’s higher bid first announced earlier this month (The Pharma Letter January 9).

Shares of NuPathe, which leapt 37% to $4.43 when the counter bid from Teva was first mentioned, fell 6.6% to $4.09 in early trading today (January 21).

Teva says it has entered into a definitive agreement under which it will acquire NuPathe for $3.65 per share, or around $144 million. In addition to the upfront cash payment, NuPathe shareholders will receive rights for additional cash payments of up to $3.15 per share if specified net sales of NuPathe’s migraine patch treatment Zecuity (sumatriptan), which was approved in the USA in 2013, are achieved over time. The transaction is expected to be completed in February.

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