Javelin Pharmaceuticals Inc. said Thursday it accepted a tender offer by Hospira Inc. to buy about 79 percent of the company’s shares. Under the offer, which expired on Wednesday at midnight, Hospira will purchase about 51.3 million shares at $2.20 per share. Javelin said the merger is expected to be completed by Friday.
Earlier last month, Javelin sued Hospira after the Lake Forest company backed off from completing a $145 million acquisition deal signed in April.
Hospira backed off after Javelin’s anti-inflammatory drug Dyloject was pulled in the United Kingdom. The May recall came after some vials were found to include a “white particulate matter.”
Because of the Dyloject issues, Hospira said conditions of the merger were not satisfied, but Javelin contended that Hospira breached the merger agreement by failing to complete the transaction.
