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

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Pernix Therapeutics (NYSE: PTX) and
Somaxon Pharmaceuticals, Inc. (“Somaxon”) (NASDAQ: 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

Posted-In: News Guidance Management M&A

 

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