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Hospira Offers Competing Bid to Buy Javelin Pharma

April 13, 2010
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According to the Associated Press, Javelin Pharmaceuticals Inc., received a better acquisition offer from Hospira Inc., and it plans to end a competing bid made by Myriad Pharmaceuticals Inc. Javelin, which is based in Cambridge, Mass., said Hospira made an all-cash offer to buy its outstanding shares for $2.20 per share. Javelin also will be allowed to borrow up to $4.5 million from Hospira to fund operating activities before the deal closes. Hospira, based in Lake Forest, Ill., also will provide $8.3 million to repay the principal and accrued interest under a similar deal Javelin made with Myriad and $4.4 million for a termination fee and other expenses to get out of the Myriad offer. In December, Myriad, which is based in Salt Lake City, had offered to buy all outstanding shares of Javelin common stock in exchange for Myriad stock. Myriad said Monday it has until April 16 to respond.

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