NEW YORK (TheStreet) -- NuPathe, Inc. (PATH) soared 36% to $4.40 a share when the market opened Wednesday morning after Teva Pharmaceuticals Industries, Inc. (TEVA) offered at least $114 million to acquire the U.S. migraine treatment producer. The stock traded at a volume of nearly 3.8 million compared to its average volume of approximately 460,000.
Teva's move is to outbid Endo Health Solutions, Inc. (ENDP), which announced on Dec. 16 a $105 million cash offer plus a maximum of $3.15 a share if certain sales goals are met. Teva offered to pay $3.65 a share plus a maximum of $3.15 a share if the migraine drug Zecuity reaches its sales goals, according to Bloomberg. NuPathe's board has yet to decide if Teva's offering is better than Endo's.
The U.S. approved Zecuity in 2013. The drug uses a battery-powered patch to treat patients through the skin. NuPathe is also working on products to treat bipolar disorder, Parkinson's, schizophrenia and other neurological disorders.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV