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Stock Market & Financial Investment News

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December 11, 2012
07:04 EDTPTX, SOMXPernix Therapeutics acquires Somaxon for $25M
Pernix Therapeutics (PTX) and Somaxon Pharmaceuticals (SOMX) 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 $25M. 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 $25M 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 immediately prior to the closing of the proposed merger, subject to limitations on the maximum and minimum number of shares of Pernix common stock issuable in the transaction based on a price range of $6.00-$9.00 per share.
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