Assuming a string delimited using double quotes, add_slashes will do the job in the particular case.
Wrapping the data in an associative array, running it through json_encode and altering the JS to expect the changed data structure is a safer approach though (since that will take care of other characters which are significant, such as literal new lines).
(Technically speaking, with the current implementation of json_encode you could skip wrapping it in an associative array … but a plain string isn't valid JSON and I'm inclined to avoid depending on a function that is supposed to generate JSON not throwing an exception when given a data structure that can't be turned into JSON).
If you are embedding the script in an HTML document you will also have to take steps to ensure that the resulting JS doesn't contain any HTML that could cause issues (such as " in an script included as an attribute value).