Teva offers $149 million for Nupathe, outbidding Endo
Israeli pharmaceutical giant also reportedly in talks to acquire Korean biotech firm Celltrion.
Teva Pharmaceutival Industries has made a hostile takeover bid of around $149 million for U.S. drug developer company NuPathe, plus additional milestone payments for the company’s migraine treatment Zecuity, NuPathe said Wednesday.
Teva is offering $3.65 a share for the company — a 13% premium over its closing price on Nasdaq Tuesday of $3.26 per share — plus up to $3.15 per share, or $98 million, if sales goals for Zecurity are met.
U.S. drug developer Endo Health Solutions offered in December to buy NuPathe for about $105 million in cash, or $2.85 per share, plus as much as $3.15 a share in milestone payments.
After the announcement of Teva’s offer, Nupathe’s share price rocketed up 37%, to $4.41 in premarket trading.
NuPathe specializes in the treatment of diseases of the central nervous system, including Parkinson’s disease, schizophrenia and bipolar disorder, in addition to migraine.
In related news, South Korean newspaper Maeil reported that Teva was among parties in talks to buy the Korean biotech firm Celltrion. The other parties mentioned in the report were Roche and AstraZeneca. Celltrion is trading on the Korea Exchange at a market value of $4.6 billion.