Teva Offers $114 Million For Biotechnology company NuPathe

In a notice to the SEC, biotech company NuPathe said that Teva is offering $3.65 per share, compared with yesterday’s closing price of $3.23.
NuPathe migraine patch 2-304

The NuPathe migraine patch is worn on the arm or thigh

Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) may be again acquiring companies. A few hours after “Reuters” reported that Teva was interested in acquiring a Korean company, a US company announced that it has received an unsolicited acquisition offer from Teva. NuPathe Inc.(Nasdaq: PATH), has a market cap of $100 million; its share price jumped 32% to $4.29 in premarket trading today. In a notice to the US Securities and Exchange Commission (SEC), NuPathe said that Teva is offering $3.65 per share, compared with yesterday’s closing price of $3.23.

NuPathe is a biotechnology company that is developing treatment for neurological disorders, including migraines, Parkinson’s disease, and schizophrenia. The company says on its website that it is seeking partners for the commercialization of its migraine treatment.

nu-patch-int-pg

In the notice to the SEC, NuPathe said that Teva SVP and Head of Global Business Development sent an e-mail to CEO Armando Anido with an acquisition offer and draft contract. “Teva and the company had previously been in negotiations with respect to a co-promotional partnership, ” it added.

“The Wall Street Journal” says that Teva’s $114 million offer for NuPathe tops the pending deal with Endo Health Solutions Inc. (Nasdaq: ENDP). Teva is also offering up to $3.15 per share premium to Tuesday’s close. Teva also is offering up to an additional $3.15 a share if NuPathe’s Zecuity migraine treatment meets certain milestones

Published by  www.globes-online.com 

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