Myriad Pharmaceuticals Inc. is a biotechnology company focused on the development of drugs for cancer, HIV and other medical conditions. The company today announced an acquisition agreement with Javelin Pharmaceuticals (AMEX: JAV), a company engaged in innovative technologies to develop new drugs for the pain management market.

Javelin has one marketed drug in the U.K., Dyloject, an injectable treatment for postoperative pain, as well as two drug candidates in U.S. advanced clinical development. On December 2, 2009, Javelin submitted a New Drug Application with the FDA for Dyloject.

Myriad’s acquisition of Javelin complements Myriad’s portfolio of product candidates, and is expected to benefit both companies.

“We believe that this transaction represents a highly effective vehicle to unlock the long-term potential of Myriad Pharmaceuticals and near-term value of Javelin Pharmaceuticals,” Adrian Hobden, Ph.D., president and CEO of Myriad stated in the press release. “Myriad is well positioned to successfully launch Dyloject upon FDA approval by leveraging our financial resources and the expertise of our core commercial team. In turn, we believe that potential Dyloject revenue will support the development of our existing clinical stage drug candidates MPC-4326, Azixa, and MPC-3100.”

Martin Driscoll, CEO of Javelin Pharmaceuticals, added, “This agreement creates a fully integrated biotechnology company with a submitted NDA for approval of a specialty care product, Dyloject, backed by significant financial resources, a broad pipeline for growth, and a seasoned management team for future commercialization efforts.”

Ed Swabb, chief medical officer of Myriad, said Dyloject has the potential to be an integral addition to the postoperative pain market.

“Dyloject has demonstrated a very exciting profile in controlled studies showing statistically significant results in two registration trials, which have been submitted to the FDA for approval consideration earlier this month,” Swabb stated. “If approved, Dyloject will be an important tool in the therapeutic armamentarium for multimodal management of postoperative pain.”

The acquisition is expected to close in the first quarter of 2010.