Israeli pharmaceutical firm will expand its CNS portfolio
Teva Pharmaceutical Industries will acquire NuPathe for approximately US$144m in cash to expand its portfolio of medicines to treat conditions affecting the central nervous system.
In addition to the upfront payment NuPathe shareholders will receive rights to get additional cash payments of up to $3.15 per share if specified sales of NuPathe’s migraine treatment, Zecuity are achieved over time, the Israeli pharmaceutical company said.
Malvern, PA, US-based neuroscience firm NuPathe said it has terminated its takeover deal with Endo Solutions, saying Teva's offer represented a premium of about 28% over the upfront cash payment offered by Endo and an equal amount of milestone-based payments.
Zecuity is the only prescription migraine patch approved by the FDA for the acute treatment of migraine in adults. It is a disposable, single-use, iontophoretic transdermal patch that actively delivers sumatriptan, the most widely prescribed migraine medication, through the skin. It provides relief of both migraine headache pain and migraine-related nausea.
'We believe that Zecuity is a great fit within our existing US CNS Business Unit, with near-term sales and significant commercial potential,' said Mike Derkacz, Vice President and General Manager, Teva CNS.
The deal is expected to be completed during February 2014.