Pernix To Acquire Somaxon

Pernix Therapeutics has entered into a definitive merger agreement to acquire Somaxon in a stock-for-stock transaction valued at $25 million. Pernix gains Somaxon’s Silenor (doxepin) for the treatment of insomnia, which had YTD sales of approximately $11.7 million.
 
Cooper Collins, president and chief executive officer of Pernix, said, “The acquisition of Somaxon is another important step in the growth strategy of Pernix, which is expected to continue to expand our product portfolio, in addition to our recently announced agreements to acquire Cypress Pharmaceuticals and Hawthorn Pharmaceuticals. Somaxon’s product Silenor, which is a non-seasonal product, broadens our branded product line and may also have potential as an OTC product in the future.”
 
Richard W. Pascoe, Somaxon’s president and chief executive officer, said, “We believe this acquisition will provide the opportunity to more fully capitalize on the Silenor brand. Moreover, with Pernix’s recently announced acquisition of Cypress and Hawthorn, we believe that the combined entity, with its broad platform of branded, generic and OTC products, represents long-term value for the benefit of all of our stockholders. We look forward to working with the Pernix management team as we integrate Somaxon with Pernix.”