Myriad Pharmaceuticals to acquire Javelin

Myriad Pharmaceuticals Inc. (NASDAQ:MYRX) will acquire neurology company Javelin Pharmaceuticals Inc. (NYSE-A:JAV) in a stock deal valued at about $96 million based on Myriad's Thursday close of $5.33. Javelin shareholders will own about 41% of the combined company after the deal.

Myriad will get Javelin's Dyloject diclofenac injection, for which Javelin submitted an NDA to FDA this month to manage acute moderate to severe pain. Dyloject is an IV NSAID that inhibits cyclooxygenases (COX). Myriad said the potential revenue from Dyloject will support the development of its clinical candidates, including two in Phase II testing: bevirimat ( MPC-4326), an oral viral maturation inhibitor to treat HIV; and Azixa ( MPC-6827), a small molecule microtubule destabilizing apoptosis-inducer to treat advanced primary and metastatic tumors. Javelin shareholders are eligible to receive additional shares that would increase their ownership in the combined company by 4.1%, if Dyloject is approved before June 30, 2011. ...