Somaxon Could Seek Buyer For Silenor Sleep Aid, OTC Marketing Rights
This article was originally published in The Tan Sheet
Executive Summary
Somaxon reconsiders its options and might sell the sleep aid Silenor, despite a “clear path” to switch OTC, after the firm’s stock fell from $10.60 per share to 42 cents per share. Procter & Gamble would have first crack at exclusive OTC marketing rights if Somaxon sells Silenor.
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P&G’s exit from the switch picture adds “salt to a wound left by” Somaxon’s unsuccessful prescription Silenor launch in 2010, Jeffries analysts note. Somaxon recently laid off 75% of its sales staff and drastically cut marketing to minimize its cash burn rate, which far outpaced initial sales.
Somaxon Seeks Partner For Silenor Insomnia Drug Switch
P&G’s exit from the switch picture adds “salt to a wound left by” Somaxon’s unsuccessful prescription Silenor launch in 2010, Jeffries analysts note. Somaxon recently laid off 75% of its sales staff and drastically cut marketing to minimize its cash burn rate, which far outpaced initial sales.
Somaxon Sees “Clear Path” For Silenor Sleep Aid Switch
Somaxon Pharmaceuticals expects to make Silenor sleep aid available OTC in five to seven years.