Javelin Pharmaceuticals (AMEX:[[ticker:JAV]]), a Cambridge, MA-based developer of pain treatments, reports today that it has nixed its merger agreement with Myriad Pharmaceuticals (NASDAQ:[[ticker:MYRX]]) and accepted a $145 million buyout offer from the specialty drugmaker Hospira. Lake Forest, IL-based Hospira (NYSE:[[ticker: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.
Author: Ryan McBride
Ryan is an award-winning business journalist who contributes to our life sciences and technology coverage. He was previously a staff writer for Mass High Tech, a Boston business and technology newspaper, where he and his colleagues won a national business journalism award from the Society of American Business Editors and Writers in 2008. In recent years, he has made regular TV appearances on New England Cable News.
Prior to MHT, Ryan covered the life sciences, technology, and energy sectors for Providence Business News. He graduated with honors from the University of Rhode Island in 2001 with a bachelor’s degree in communications. When he’s not chasing down news, Ryan enjoys mountain biking and skiing in his home state of Vermont.
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