NuPathe to be acquired by Teva
Specialty pharma NuPathe Inc. (NASDAQ:PATH) terminated a merger with Endo Health Solutions Inc. (NASDAQ:ENDP) and instead will now be acquired by Teva Pharmaceutical Industries Ltd. (NYSE:TEVA). Teva is paying $3.65 per NuPathe share in cash up front, or about $144 million. The price is a 28% premium to the $2.85 per share price at which Endo was acquiring NuPathe. Teva -- which also loaned NuPathe $5 million for the termination fee for the Endo deal -- made the unsolicited cash offer for NuPathe earlier this month (see BioCentury Extra, Jan. 8).
Under both Teva's offer and the terminated Endo deal, NuPathe shareholders are eligible to receive up to an additional $3.15 per share tied to sales milestones for migraine product Zecuity sumatriptan, which FDA approved in January 2013. Teva said it plans to launch the product this half. NuPathe's board unanimously approved the Teva deal, which is expected to close next month. MTS Securities is advising NuPathe. ...