Pernix Therapeutics to Acquire Somaxon Pharmaceuticals in $25M Stock Deal

Pernix Therapeutics PTX and Somaxon Pharmaceuticals, Inc. (“Somaxon”) SOMX today announced that they have entered into a definitive merger agreement for Pernix to acquire Somaxon in a stock-for-stock transaction with a total equity value of $25 million. Under the terms of the agreement, 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. The number of shares of Pernix common stock to be issued to the stockholders of Somaxon will be based on the volume-weighted average price of Pernix's common stock over the 30 day period ending on the day See full press release