Javelin Pharma Agrees to Merger with Myriad Pharma

Xconomy Boston — 

Cambridge, MA-based Javelin Pharmaceuticals (AMEX:JAV) has agreed to be acquired by Myriad Pharmaceuticals (NASDAQ:MYRX) of Salt Lake City in an all-stock merger, the companies reported last week. The merger agreement would initially give Javelin shareholders control of 41 percent of the stock in the combined company and up to 45 percent ownership of the merged firm depending on the timing of the potential FDA approval of Javelin’s lead anti-pain drug, an injected formulation of diclofenac (Dyloject). The merger, which is expected to close in the first quarter of 2010, has been approved by the boards of both companies but must also be approved by the shareholders of each firm.