NuPathe picks Teva's $144M offer over Endo
Zecuity sales could boost price
Painkiller-maker NuPathe Inc., Malvern, says it has picked Teva Pharmaceutical Industries, an Israeli company with U.S. offices in suburban Philadelphia, as its acquirer, killing a deal with rival would-be acquirer Endo Health Solutions, of Chester County.
Teva will pay $144 million in cash up front, or $3.65 a share, for NuPathe, plus up to $3.15 more a share, if NuPathe meets its sales target for Zecuity, its migraine painkiller. Endo had offered $2.85 a share, NuPathe chief executive Armando Anido said in a statement. Besides the price, Anido added that Teva's focus on "diseases of the central nervous system" made the companies a good fit.
NuPathe shares have recently traded above $4 in anticipation of a bidding war. The sale price is above NuPathe's recent trading value before deal talks became public, but below its earlier highs. The deal is scheduled to close in February. MTS Securities and Morgan, Lewis & Bockius LLP advised NuPathe.