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Somaxon Pharmaceuticals Acquired For $25M
San Diego-based Somaxon, a developer of treatments for insomnia, has been acquired by Pernix Therapeutics Holdings, in a deal worth $25M. According to the two companies, Pernix will acquire Somaxon in a stock-for-stock transaction worth a total of $25M in total equity. Pernix said the buy will help expand its product portfolio. Somaxon had 12 months net sales of approximately $11.7M as of September 30th. The company has been looking for a buyer since December of 2011, when it drastically cut its staff and said it had hired an investment banker. Somaxon was represented by Stifel Nicolaus Weisel in the acquisition.
posted on Tuesday, December 11, 2012

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