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Myriad seeks acquisition of Javelin for $96 million
February 2010
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SALT LAKE CITYŚMyriad Pharmaceuticals announced in December that it entered into a definitive agreement to acquire Javelin Pharmaceuticals for $95.8 million in an all-stock merger agreement valuing Javelin's shares at about $1.50 each. Post-merger, Javelin stockholders would own between 41 percent and 45 percent of the combined company. Myriad said it was attracted to Javelin's portfolio of pain management candidates. The deal was expected to close this quarter, but a class action lawsuit filed in January alleges that Myriad aided and abetted various purported breaches of fiduciary duty by some Javelin directors in connection with the proposed merger. Myriad said in a regulatory filing that the allegations "are without merit and (the company) intends to vigorously defend against these actions."

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