Somaxon shares rocket nearly 34%% on news of Silenor deal with P&G

27 August 2010

Somaxon Pharmaceuticals (Nasdaq: SOMX) saw its shares leap 33.5% to $4.50 in premarket trading yesterday, when the firm said it had entered into a co-promotion agreement for Silenor (doxepin), a newly-approved treatment for insomnia characterized by difficulty with sleep maintenance, with health care and consumer conglomerate Procter & Gamble (NYSE: PG).

Under the terms of the deal, Somaxon and P&G will co-promote Silenor with a combined 215 sales representatives in the US market. P&G's professional health care sales force will promote Silenor to targeted primary care and other high-prescribing physicians. Somaxon's focus will be on specialists and other top-decile physicians who treat insomnia. In addition, P&G will promote Silenor to targeted pharmacies and will provide supplemental managed care support services for the drug, which is Somaxon's first product to come to the market.

P&G also gets option on OTC formulation

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