NEW YORK (AP) — Shares of NuPathe Inc. soared Wednesday after the migraine treatment maker said it received a competing bid for the company worth at least $114 million.
NuPathe said in a Securities and Exchange Commission filing that Israel’s Teva Pharmaceutical Industries Ltd. wants to buy the company for $3.65 in cash for each NuPathe share, plus up to $3.15 per share in payments if NuPathe’s migraine treatment patch Zecuity reaches certain sales milestones.
The new offer represents a 13 percent premium over NuPathe’s Tuesday closing stock price. The company’s shares jumped $1.17, or 36 percent, to $4.40 in morning trading on the news.
Malvern, Pa.-based Endo Health Solutions Inc. previously offered to buy the Conshohocken, Pa., company for about $2.85 per share and up to another $3.15 per share if Zecuity milestones are met.
NuPathe said in January 2013 that the Food and Drug Administration had approved Zecuity, a single-use, battery-powered patch that actively delivers sumatriptan, the most widely prescribed migraine medication, through the skin. The patch aims to provide relief for migraine headache pain and migraine-related nausea.
In morning trading, Endo shares rose $3.23, or 4.9 percent, to $69.63, while Teva shares edged up 14 cents to $41.35.