NuPathe receives counter offer from Teva topping Endo bid

9 January 2014

US drugmaker NuPathe (Nasdaq: PATH) – currently the subject of a takeover bid from USA-based Endo Health Solutions (Nasdaq: ENDP; The Pharma Letter December 16, 2013) –revealed in a filing with the Securities and Exchange Commission that it has recently received an unsolicited counter bid from Israel’s Teva Pharmaceutical Industries (NYSE: TEVA).

NuPathe’s share price jumped 37% to $4.43 in early trading yesterday (January 8), while Endo gained 4.9% to $69.66.

NuPathe said that the Teva offer is for $3.65 per share ($114 million in total) in cash for the company, compared with Endo’s $2.85 (around $105 million. The Teva and Endo offers both include sales contingent milestone payments of as much as $3.15 per share related to potential revenues of NuPathe's migraine patch product Zecuity (sumatriptan) that was cleared early last year by the US Food and Drug Administration.

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