Business Briefing | Mergers: Myriad Pharmaceuticals Acquires a Drug Maker
Saturday, December 19, 2009 - 01:35
in Mathematics & Economics
Myriad Pharmaceuticals agreed to buy Javelin Pharmaceuticals in an all-stock deal worth about $96 million to acquire a postoperative pain drug, Dyloject. Javelin stockholders will receive 0.282 Myriad shares for each share held, translating to $1.50 a Javelin share, or a 22 percent premium, based on the closing price Thursday. If the drug is approved by health regulators, the companies expect Dyloject to generate worldwide sales of more than $300 million a year. Stock in Myriad, which is based in Salt Lake City, fell 30 cents, to $5.03 a share, and stock in Javelin, which is based in Cambridge, Mass., rose 7 cents, to $1.30 a share.