Pernix Thera rescues struggling Somaxon with stock deal worth $25 million
Troubled US drugmaker Somaxon Pharmaceuticals (Nasdaq: SOMX) saw its shares leap around 85% to $2.74 yesterday morning, when it was revealed that fellow USA-based Pernix Therapeutics (NYSE: PTX) had agreed a merger accord in a stock-for-stock transaction with a total equity value of $25 million. However, the rise was nothing compared to Somaxon’s good times, in 2011, when the stock traded at around $27 a share.
Under the terms of the deal, which has been unanimously approved by the boards of directors of both companies, Somaxon stockholders will receive aggregate consideration equal to $25 million in Pernix common stock.
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