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Seeking to finish merger, Javelin sues

Associated Press / June 4, 2010

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CAMBRIDGE — Javelin Pharmaceuticals Inc. said yesterday that it has sued Hospira Inc. to get the maker of drugs and medical devices to complete a merger announced in April.

Javelin, based in Cambridge, said Hospira and its subsidiary, Discus Acquisition Corp., breached the deal by failing to accept and pay for shares tendered through May 18.

Javelin also said Hospira, of Lake Forest, Ill., breached a loan agreement that required it to give Javelin $2 million on June 1.

Hospira spokesman Dan Rosenberg said company officials received the lawsuit yesterday and were still looking at it.

“We believe we’ve complied fully with our obligations under the merger agreement,’’ he said.

Hospira said yesterday it was extending its $145 million offer to midnight on June 16.

Hospira said conditions of the offer had not been satisfied. It noted that Javelin’s licensee for the pain treatment Dyloject has withdrawn all batches of the drug from Britain since finding white particles in some vials.