CAMBRIDGE, Mass. (AP) -- Javelin Pharmaceuticals is scuttling a deal to sell itself to Myriad Pharmaceuticals Inc., the company said Monday.
Javelin said last week it received a better offer from Hospira Inc. 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.
Hospira made an all-cash offer to buy Javelin 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.
Shares of Javelin Pharmaceuticals Inc. rose 2 cents to $2.19 in premarket trading.