Teva bidding for NuPathe

NuPathe Inc. (NASDAQ:PATH) said Teva Pharmaceutical Industries Ltd. (NYSE:TEVA) made an unsolicited cash offer to acquire the specialty pharma for $3.65 per share, or about $114.4 million based on 31.3 million shares outstanding as of Nov. 11. The offer is a 28% premium to the $2.85 per share price at which Endo Health Solutions Inc. (NASDAQ:ENDP) is acquiring NuPathe.

Under both offers, NuPathe shareholders are eligible to receive up to an additional $3.15 per share tied to sales milestones for migraine product Zecuity sumatriptan, which FDA approved in January 2013. NuPathe's board said it is reviewing the Teva offer but did not provide a timeline for next steps. ...