Israel's Teva Pharmaceutical Industries Ltd offered to purchase U.S. neurology drugs maker NuPathe Inc for $114 million plus milestone payments related to NuPathe's Zecuity migraine treatment.Teva's offer of $3.65 per share comes less than a month after U.S. specialty pharmaceutical company Endo Health Solutions Inc said it would buy NuPathe for about $105 million, or $2.85 per share, plus milestone payments.NuPathe said it planned to discuss the offer with Teva."After review and discussion, the company board determined that the Teva proposal is reasonably expected to lead to a superior proposal," NuPathe said in a regulatory filing.
NuPathe, Inc. develops therapeutics for diseases of the central nervous system including neurological and psychiatric disorders. Shares of PATH remained unchanged at $3.23. In the past year, the shares have traded as low as $1.57 and as high as $4.00. On average, 460035 shares of PATH exchange hands on a given day and today's volume is recorded at 1109036.
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