(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.
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