Myriad Pharmaceuticals Inc. (NASDAQ: MYRX) said Friday it will buy Javelin Pharmaceuticals (AMEX: JAV) in a stock deal, adding the potential pain treatment Dyloject to its portfolio, according to Associated Press.
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 in the first quarter.
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Dyloject is an injectable drug aimed at treating moderate-to-severe postoperative pain. Javelin asked for FDA approval Dec. 2. The drug is already approved in the U.K.
Shares of Cambridge, Mass.-based Javelin jumped 8 cents to $1.31 in afternoon trading Friday. Shares of Myriad dropped 30 cents.
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