Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) has confirmed that it has made an offer to acquire NuPathe Inc. (Nasdaq: PATH) "for an upfront payment of $3.65 per share, or about $149 million, and additional payments of up to $3.15 per share if specified net sales of NuPathe’s migraine treatment, ZECUITY, are achieved over time."
This comes just a few hours after "Reuters" reported that Teva was interested in acquiring a Korean company.
NuPathe has a market cap of $100 million; its share price jumped 32% to $4.29 in premarket trading today.
NuPathe is a biotechnology company that is developing treatment for neurological disorders, including migraines, Parkinson's disease, and schizophrenia. The company says on its website that it is seeking partners for the commercialization of its migraine treatment.
In the notice to the US Securities and Exchange Commission (SEC), NuPathe said that Teva SVP and Head of Global Business Development sent an e-mail to CEO Armando Anido with an acquisition offer and draft contract. "Teva and the company had previously been in negotiations with respect to a co-promotional partnership," it added.
Published by Globes [online], Israel business news - www.globes-online.com - on January 8, 2014
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