Somaxon Pharmaceuticals Inc. (NASDAQ: SOMX) the developer of Silenor, an oral tablet formulation of doxepin, a drug to treat short-term and long-term insomnia that was approved on March 18, 2010, by the food and drug administration (FDA) has come to an agreement with Procter & Gamble Co. who will co-promote the insomnia treatment to doctors and pharmacies across the country. Doxepin has also been prescribed as a treatment for depression and anxiety.
The two companies will target 35,000 doctors who prescribe the most insomnia medications and the 25,000 pharmacies who fill the highest numbers of these scripts. SOMX’s sales force will focus on specialists in the field of insomnia and other sleep disorders, while Procter & Gamble’s sales force will set its sights on the primary care market as well as other “high-prescribing” physicians.
The deal positions P&G in an excellent spot to develop and market Silenor as an over-the-counter medication, which fits into P&G’s business plan perfectly since it sold it’s prescription drug division one year ago. P&G said after the sale that it would be focusing on the nonprescription side of the drug market with drugs like Prilosec, Vicks, and now Silenor.
News of the partnership hit yesterday after markets closed and spurred huge after hours acquisitions of SOMX share driving the share price up almost a dollar before market open on Wednesday. The buying fever continued Wednesday Morning as the sock opened at $4.36 per share and quickly climbed to $5.26 per share followed by a slight decline to the $5.00 area. This $1.50 or 44.51% increase from yesterdays closing represents one of the biggest increases in share price year to date for SOMX.
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