Less than one month after NuPathe’s (Nasdaq: PATH) board approved an acquisition offer by Endo Health Solutions, (Nasdaq: ENDP) the specialty pharmaceutical company has unexpectedly found itself at the center of what could be a bidding war after receiving another offer in a surprising development in life science industry news. Big pharma company Teva (NYSE: TEVA) has made an offer of $149 million — well above Endo’s $105 million merger deal.
NuPathe’s migraine patch treatment, Zecuity, got FDA approval last year and, as the Philadelphia Inquirer points out, it’s been looking for a buyer since 2012. Zecuity is an asset that would appeal to pharma companies looking to acquire products with regulatory approval. The Inquirer noted that Teva and Endo Health Solutions are both keen to “find ways to generate cash right away to satisfy stockholders and Wall Street.” They are also both willing to cover NuPathe’s operating expenses.
Cantor Fitzgerald analysts referenced by The Wall Street Journal were skeptical about Zecuity’s prospects. They said they expected a very slow start for the migraine patch, which they said has efficacy that approximates a generic sumatriptan nasal spray.
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NuPathe is more than just a migraine patch. It also has treatments in development for Parkinson’s disease, schizophrenia and bipolar disorder.
In a new filing with the U.S. Securities and Exchange Commission, NuPathe CEO Armando Anido told board members that declining to engage Teva in negotiations would amount to failing in its fiduciary duty to its shareholders.
The new interest has done wonders for NuPathe’s share price to say the least. By the close of trade on Wednesday, its share price had soared by more than 35 percent to close at $4.38.
[Photo from flickr user toffehoff]
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