Teva Seeks to Outbid Endo With $150 Million NuPathe Offer

Jan 08, 2014 4:08 pm ET

(Updates closing share prices in paragraph.)

Jan. 8 (Bloomberg) -- Teva Pharmaceutical Industries Ltd. offered at least $150 million to acquire U.S. migraine treatment maker NuPathe Inc., seeking to outbid a previous offer from Endo Health Solutions Inc.

Teva said it proposed to pay $3.65 a share, or $150 million, plus as much as $3.15 a share if sales goals are achieved related to the migraine drug Zecuity. Endo’s bid, announced Dec. 16, was for $105 million in cash plus as much as $3.15 per share in milestone payments.

Zecuity, approved in the U.S. last year, uses a battery- powered patch to deliver the treatment through the skin. Conshohocken, Pennsylvania-based NuPathe is also developing products for neurological diseases including Parkinson’s, schizophrenia and bipolar disorder.

NuPathe’s board hasn’t decided whether the Teva proposal is superior, NuPathe said today in a filing. Teva declined to comment on talks with NuPathe. Voice messages left with NuPathe’s investor relations representative and with a spokesman from Chadds Ford, Pennsylvania-based Endo weren’t immediately returned.

Teva’s American depositary receipts, each equal to one regular share of the Petach Tikva, Israel-based drugmaker, fell less than 1 percent to $41.05 at the close in New York. NuPathe gained 36 percent to $4.38.

--With assistance from Kristen Hallam in London and Caroline Chen in New York. Editors: Kristen Hallam, Romaine Bostick