Myriad Pharmaceuticals, Inc (Nasdaq:MYRX) today announced that it has received a notice from Javelin Pharmaceuticals, Inc. (NYSE Amex:JAV) of its intent to terminate the merger agreement between the two companies (the “Merger Agreement”). The notice stated that Javelin has received a competing acquisition proposal from Hospira, Inc. (NYSE:HSP) that the Board of Directors of Javelin has determined to be a Company Superior Proposal under the terms of the Merger Agreement. Accordingly, Javelin has expressed its intent to terminate the Merger Agreement effective after the close of business on Friday April 16, 2010.
“We believe that the existing terms of the Merger Agreement between Myriad Pharmaceuticals and Javelin are fair to the shareholders of both companies and offer substantial long-term strategic value to the Javelin shareholders,” said Adrian Hobden, Ph.D., President and CEO of Myriad Pharmaceuticals. “As we consider our response to this development over the five-business-day period available to us, our foremost priority will be to use our substantial financial resources prudently, including to develop our promising portfolio of drug candidates.”
In accordance with the terms of the Merger Agreement, upon termination, Myriad Pharmaceuticals will be entitled to the repayment, in full, of the outstanding balance under the $8.5 million loan and security agreement with Javelin, together with accrued interest thereon, as well as stipulated expenses of up to $1.5 million plus a termination fee of $2.9 million, all to paid by Javelin within one business day after the termination.
Myriad Pharmaceuticals will continue to advance its pipeline of cancer and infectious disease drug candidates, including MPC-4326, a novel maturation inhibitor for the oral treatment of human immunodeficiency virus 1 (HIV-1) infection, AzixaTM, a novel microtubule destabilizing agent in phase 2 trials for the treatment of cancer, and MPC- 3100, a phase 1 candidate for the treatment of cancer.
- During April 2010, the Company expects to report non-clinical data on its Phase 1 compound MPC-3100 and two preclinical research programs, including the Company’s newest IND candidate program targeting IKK epsilon and another pre-clinical program targeting nicotinamide phosphoribosyltransferase (Nampt) at the American Association of Cancer Research in Washington D.C. and at the Federation of American Societies for Experimental Biology (“FASEB”) meeting in Anaheim, CA.
- In June 2010, the Company expects to report results from the ongoing Phase 2a trials of Azixa (MPC-6827) in metastatic melanoma and recurrent glioblastoma (“GBM”), and Phase 1 clinical trial results for MPC-3100 at the American Society for Clinical Oncology (“ASCO”) meeting in Chicago.
SOURCE Myriad Pharmaceuticals, Inc.