Javelin drops Myriad merger in favor of one with Hospira

CAMBRIDGE, Mass. Javelin Pharmaceuticals has formally terminated its merger agreement with Myriad Pharmaceuticals and agreed to an acquisition by Hospira, Javelin said Monday.

Javelin announced last week that it had dropped its planned deal with Myriad in favor of the one with Hospira, saying Hospira had made a better offer. Published reports said Hospira had offered $141 million, though Javelin said Monday it had offered around $145 million, or $2.20 per share.

Javelin develops drugs for treating pain, and the company said the deal would allow Hospira to take advantage of “synergies” between Dyloject (diclofenac sodium), a Javelin drug for managing post-operative pain, and Hospira’s sedative Precedex (dexmedetomidine hydrochloride).