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 Endo Health Solutions Inc said it would buy NuPathe for about $105 million, or $2.85 per share, plus milestone payments.Both Endo and Teva are offering NuPathe up to $3.15 per share in milestone payments related to Zecuity.Excluding milestone payments, Teva's offer represents a premium of 13 percent to NuPathe's Tuesday close.
NuPathe, Inc. develops therapeutics for diseases of the central nervous system including neurological and psychiatric disorders. Shares of PATH traded higher by 38.39% or $1.24/share to $4.47. 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 4628914.
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