Javelin Pharma, Spire: Volume Movers
NEW YORK (TheStreet) -- Javelin Pharmaceuticals (JAV) was one of several stocks trading poised to move on above-average volume Tuesday after Hospira (HSP) said it would complete its tender offer for the company.
Hospira said it intends to complete the tender offer by its subsidiary Discus Acquisition Corporation for all outstanding shares of the common stock of Javelin upon its currently scheduled expiration on June 30. After the tender offer is completed, Hospira will acquire any remaining outstanding shares of Javelin common stock not tendered into the offer, and Javelin will become a wholly owned subsidiary of Hospira.
In April, Javelin terminated its merger agreement with Myriad Pharmaceuticals (MYRX) after receiving a higher $141 million takeover offer from Hospira, which valued shares of Javelin at $2.20 per share.
However, Therabel Pharma N.V., Javelin's European commercial partner, in May recalled all batches of its injectable pain drug Dyloject from the U.K. market due to quality control problems. Due to the recall, Hospira extended the deadline of the tender offer "based on its determination that all of the conditions to the offer had not been satisfied as of the expiration date of the offer."As part of the tender offer, Javelin said it will deliver a closing certificate confirming the accuracy of its representations and warranties and its performance of all of its obligations under the merger agreement as of the end of the current offer period. Shares of Javelin surged by 81 cents, or 58.7%, to $2.19 in the premarket session. The three-month average daily volume for Javelin is 1.89 million, according to Yahoo! Finance. Elsewhere, Spire (SPIR) jumped by 22 cents, or 6%, to $3.89 in Monday's after-market session after the solar equipment maker said it has been selected by the Department of Energy as the recipient of a Small Business Innovation Research grant to develop a light emitting diode (LED) based solar simulator. The 50-day average daily volume for Spire is 32,900, according to the Nasdaq. Tellabs (TLAB) shares continued to rally, climbing 3.6% Monday's late trading session after rising more than 8% during the regular session. On Monday, President Obama endorsed a plan to nearly double the spectrum now available for wireless devices, Reuters reports, news that boosted shares of wireless infrastructure companies like Tellabs. The 50-day average daily volume for Tellabs is 13.19 million. -- Written by Robert Holmes in Boston. Check out all of Tuesday's high-volume, under-$5 stocks at the Dollar Store. View the Dollar Store portfolio on StockPickr. Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.
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