Pernix Buys Somaxon Pharmaceuticals

The Woodland, Texas-based Pernix Therapeutics announced this morning that it has acquired Somaxon, a developer of treatments for insomnia. The deal was worth $25M in a stock-for-stock deal. Pernix said the acquisition would help it expandits product portfolio. Somaxon has 12-month trailing revenues of approximately $11.7M, and had been seeking a buyer for the company since December of last year. The firm's lead product is SIlenor, used for treating insomnia.