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Myriad, Javelin set April 22 for vote on buyout

Mon, 03/15/2010 - 10:17am
The Associated Press

Javelin Pharmaceuticals Inc. said Monday it has set April 22 as the date for its shareholders to vote on a proposed buyout by Myriad Pharmaceuticals Inc.

Myriad's board also set an April 22 date for its shareholders to vote on the deal.

On Dec. 18, Myriad Pharmaceuticals Inc., based in Salt Lake City, said it would buy Javelin Pharmaceuticals in a stock deal, adding the potential pain treatment Dyloject to its portfolio.

Under the deal, Myriad will buy all of the outstanding shares of Javelin common stock in exchange for Myriad stock. Javelin shareholders will own about 41 percent of the new company after the deal closes.

Dyloject is an injectable drug aimed at treating moderate-to-severe postoperative pain. It is currently under Food and Drug Administration review and is approved in the U.K.

Shares of Javelin fell 2 cents to $1.40 in afternoon trading.

Shares of Myriad Pharmaceuticals Inc. fell 7 cents to $4.65.

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