MYRX JAV - Myriad Pharmaceuticals to Acquire Javelin Pharmaceuticals
Press Release Source: Myriad Pharmaceuticals, Inc. On Friday December 18, 2009, 8:15 am
Creates Pipeline With Potential Near-Term Product Launch of Dyloject(TM) and Portfolio of Early-, Mid- and Late-Stage Drug Candidates in Cancer, HIV and Pain
Joint Conference Call Scheduled for 9:00 AM ET Friday, December 18, 2009 SALT LAKE CITY and CAMBRIDGE, Mass., Dec. 18, 2009 (GLOBE NEWSWIRE) -- Myriad Pharmaceuticals (Nasdaq:MYRX - News) today announced the company has entered into a definitive agreement to acquire Javelin Pharmaceuticals (NYSE Amex:JAV). The acquisition augments Myriad's portfolio of product candidates with Dyloject(TM) (diclofenac sodium for injection), a New Drug Application (NDA)-submitted candidate with the potential, based on its safety and efficacy profile, to become a valuable addition to hospital formularies as an injectable NSAID for the multimodal management of moderate-to-severe postoperative pain.
Under the Agreement and Plan of Merger, Myriad Pharmaceuticals will acquire all of the outstanding shares of Javelin common stock in exchange for Myriad Pharmaceuticals stock, resulting in the Javelin stockholders owning approximately 41% of the combined company immediately after the closing. The ownership interest of Javelin shareholders may increase up to a maximum of approximately 45% depending upon the timing of FDA approval of Javelin's lead drug candidate Dyloject. The transaction is expected to close in the first quarter of 2010. Concurrent with the closing of the transaction, Myriad Pharmaceuticals' board of directors may be expanded to eight members, including up to two members to be nominated by Javelin.
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