Hospira acquires Javelin in $145 million deal

Lake Forest-based Hospira Inc., a global specialty pharmaceutical and medication delivery company, announced it has acquired Javelin Pharmaceuticals Inc. for $2.20 per share in cash, or approximately $145 million.

Hospira said in a statement that it entered into the merger agreement following an extensive evaluation of Javelin's business and its prospects. The acquisition of Javelin allows Hospira to take advantage of synergies between Javelin's main product candidate, Dyloject, a postoperative pain management drug currently awaiting U.S. Food and Drug Administration approval, and Hospira's proprietary sedation agent, Precedex, Hospira said.

Both drugs are marketed to anesthesiologists, enabling Hospira to leverage its Precedex sales force to promote Dyloject, the company said.