NuPathe ends Endo deal in favor of Teva offer

MALVERN, Pa. (AP) — NuPathe Inc. has ended its agreement to be acquired by Endo Health Solutions Inc. in favor of a higher bid from Israel’s Teva Pharmaceutical Industries Ltd.

Malvern, Pa.-based NuPathe’s shares plunged in premarket trading Tuesday after it announced the switch and said it would also pay Endo a $5 million termination fee.

Teva plans to buy the migraine treatment maker for $3.65 per share in cash plus additional payments of up to $3.15 per share if NuPathe’s treatment, Zecuity, reaches certain sales milestones.

Endo, which also is based in Malvern, had announced last month an offer of $2.85 per share with another $3.15 per share based on Zecuity milestones. That deal totaled at least $105 million.

Teva then stepped in earlier this month with a bid worth at least $114 million.

Endo CEO Rajiv De Silva said Tuesday in a statement that the Teva offer was positive news for NuPathe stockholders, and his company accepted the termination fee and will start withdrawing its offer.

Zecuity is a single-use, battery-powered patch that delivers the widely prescribed migraine medication sumatriptan through the skin. The FDA-approved treatment aims to provide relief for migraine headache pain and migraine-related nausea.

The price of NuPathe shares sank 33 cents, or 7.5 percent, to $4.05 in premarket trading Tuesday. Meanwhile, U.S.-traded shares of Teva climbed 58 cents to $44.85. provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Commenters who violate these terms, including use of vulgar language, racial slurs or consistent name calling will be banned. Please be respectful of the opinions of others. If you see an inappropriate comment, please flag it for our moderators to review.

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