Somaxon Pharmaceuticals Acquired For $25M

San Diego-based Somaxon, a developer of treatments for insomnia, has been acquired by Pernix Therapeutics Holdings, in a deal worth $25M. According to the two companies, Pernix will acquire Somaxon in a stock-for-stock transaction worth a total of $25M in total equity. Pernix said the buy will help expand its product portfolio. Somaxon had 12 months net sales of approximately $11.7M as of September 30th. The company has been looking for a buyer since December of 2011, when it drastically cut its staff and said it had hired an investment banker. Somaxon was represented by Stifel Nicolaus Weisel in the acquisition.