Somaxon Seeks Partner For Silenor Insomnia Drug Switch
This article was originally published in The Tan Sheet
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.
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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.