| What Lies Ahead for Javelin Pharmaceuticals? CVTrader submits:Javelin Pharmaceuticals (JAV) is a specialty pharmaceutical company with a focus in the pain management market. Their primary technical innovations are improved formulations of existing drugs. Javelin has one marketed product - Dyloject - in the UK. In the US, it has submitted a New Drug Application (NDA) for Dyloject and has two drug candidates in Phase III clinical development: Ereska (intranasal ketamine) and Rylomine (intranasal morphine). Its stock price has been in wild swings in the last several months because of its involvement in two M/A activities. Late last December, Myriad Pharmaceuticals (MYRX) entered into an agreement to merger with Javelin. But in April shortly before the closing date, Javelin struck a better deal with Hospira (HSP) for an all-cash acquisition of $2.20 per share (~$145M in value with a ~60% premium over its closing price). However, things are not all rosy from there for Javelin share holders. On May 19th, Hospira announced that it is extending the tender offer for another 2 weeks because certain conditions were not fully satisfied prior to the expiration of the initial offering period. Understandably, Javelin's stock price dropped ~40% at the start of the day. But that's not all; five days later, Javelin announced that its UK partner, Therabel Pharma which licensed the commercial rights to Dyloject in the European Union, is withdrawing the product from the UK market because of the presence of a white particulate matter in some vials of Dyloject in its supply chain. It appears to be a bigger blow to Javelin and its stock price dropped to as low as $1.15, but it soon bounced back to as high as $1.77 the day before the deadline of the extended tender offer.Complete Story » seekingalpha.com |
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