QualityStocks would like to highlight Somaxon Pharmaceuticals, Inc. (Nasdaq: SOMX), a specialty pharmaceutical company focused on the in-licensing, development, and commercialization of proprietary branded pharmaceutical products and late-stage product candidates to treat important medical conditions where there is an unmet medical need and/or high-level of patient dissatisfaction, currently in the central nervous system therapeutic area. Somaxon's product Silenor® (doxepin), available by prescription in the United States, is indicated for the treatment of insomnia characterized by difficulties with sleep maintenance.
In the company’s news last week,
Somaxon Pharmaceuticals and CJ CheilJedang announced that they have reached an agreement under which CJ CheilJedang will have the exclusive right to commercialize Silenor® (doxepin) in South Korea for the treatment of insomnia.
The terms of the agreement stipulate that Somaxon will collect an up-front payment of US$600,000. CJ CheilJedang will be responsible for regulatory submissions for Silenor and retains the exclusive right to commercialize Silenor in South Korea. Upon Silenor’s approval in South Korea, Somaxon will be eligible to receive sales-based milestone imbursements on top of a net sales based royalty of Silenor in South Korea. Somaxon will be supplying CJ CheilJedang’s requirements for commercial quantities of Silenor at a separate transfer price.
“This transaction helps us further our goal of maximizing the value of Silenor for our stockholders by selectively licensing rights to the product outside of the U.S.,” said Richard W. Pascoe, Somaxon’s President and Chief Executive Officer. “CJ CheilJedang is a leading pharmaceutical company in South Korea with an impressive track record of achieving regulatory approval and effectively commercializing branded pharmaceutical products.”
“We are pleased to partner with Somaxon to commercialize Silenor in South Korea,” said Seok-Hee Kang, Head of Pharmaceutical Business of CJ CheilJedang Corporation. “Silenor is an excellent fit with CJ CheilJedang’s commercial capabilities and portfolio, and we believe that there is a significant unmet need for Silenor.”
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