Somaxon and CJ CheilJedang Announce Silenor® Collaboration in South Korea
Business WirePress Release: Somaxon Pharmaceuticals, Inc. – Fri, Apr 27, 2012 8:00 AM EDT
Somaxon and CJ CheilJedang Announce Silenor® Collaboration in South KoreaView Photo
Somaxon and CJ CheilJedang Announce Silenor® Collaboration in South Korea
SAN DIEGO & SEOUL, South Korea--(BUSINESS WIRE)--
Somaxon Pharmaceuticals, Inc. (Nasdaq: SOMX - News) and CJ CheilJedang Corporation today announced that they have entered into an exclusive collaboration under which CJ CheilJedang will commercialize Silenor® (doxepin) for the treatment of insomnia in South Korea.
Under the terms of the agreements, Somaxon will receive an up-front payment of US$600,000. CJ CheilJedang will be responsible for regulatory submissions for Silenor and will have the exclusive right to commercialize Silenor in South Korea. Once Silenor is approved in South Korea, Somaxon will also be eligible to receive sales-based milestone payments as well as a royalty based on net sales of Silenor in South Korea. Somaxon will also supply CJ CheilJedang’s requirements for commercial quantities of Silenor in South Korea 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.”
About Silenor®
Silenor is a low-dose (3 mg and 6 mg) oral tablet formulation of doxepin, and is the first and only non-scheduled prescription sleep medication approved to treat insomnia characterized by difficulties with sleep maintenance. Sleep maintenance is defined as waking frequently during the night and/or waking too early and being unable to return to sleep. For more information, please visit www.silenor.com.
surf's up......crikey
