Javelin Pharma Dumps Myriad for Hospira

4/19/10

Javelin Pharmaceuticals (AMEX:JAV), a Cambridge, MA-based developer of pain treatments, reports today that it has nixed its merger agreement with Myriad Pharmaceuticals (NASDAQ:MYRX) and accepted a $145 million buyout offer from the specialty drugmaker Hospira. Lake Forest, IL-based Hospira (NYSE:HSP) plans to begin its tender offer to acquire shares of Javelin’s common stock on Wednesday for $2.20 per share. Hospira has also agreed to provide Javelin with three loan facilities of $4.5 million, $8.3 million, and $4.4 million for Javelin to fund operations, to repay loans from Salt Like City-based Myriad, and to cover fees and expenses related to the termination of Javelin’s previous deal with Myriad, respectively.

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