Somaxon Pharmaceuticals (SOMX) Announces Settlement Agreement of Silenor Patent; Updates Revenues
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Price: $3.00 --0%
EPS Growth %: -80.6%
Financial Fact:
Cost of sales: 240K
Today's EPS Names:
TARO, SENEA, UQM, More
EPS Growth %: -80.6%
Financial Fact:
Cost of sales: 240K
Today's EPS Names:
TARO, SENEA, UQM, More
Trade SOMX Now!
Somaxon Pharmaceuticals, Inc. (Nasdaq: SOMX) has entered into separate settlement arrangements with Mylan Inc. (NYSE: MYL) and its subsidiary, Mylan Pharmaceuticals, Inc. and Par Pharmaceutical Companies, Inc. and its subsidiary Par Pharmaceutical, Inc. (NYSE: PRX) to resolve pending patent litigation involving Silenor® 3 mg and 6 mg tablets.
The settlement agreement with Mylan grants Mylan the exclusive right to begin selling an authorized generic version of Silenor (i.e., a generic version sold under Somaxon's New Drug Application) on January 1, 2020, or earlier under certain circumstances. The settlement agreement with Par grants Par the right to begin selling a generic version of Silenor 180 days after the earlier of the date that a third party's generic version of Silenor is first sold in the United States under a license from Somaxon or a final court decision that the asserted patents are not infringed, invalid or unenforceable, or earlier under certain circumstances.
Somaxon estimates net product sales for Silenor for the second quarter ended June 30, 2012 to be approximately $2.8 to $2.9 million.
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The settlement agreement with Mylan grants Mylan the exclusive right to begin selling an authorized generic version of Silenor (i.e., a generic version sold under Somaxon's New Drug Application) on January 1, 2020, or earlier under certain circumstances. The settlement agreement with Par grants Par the right to begin selling a generic version of Silenor 180 days after the earlier of the date that a third party's generic version of Silenor is first sold in the United States under a license from Somaxon or a final court decision that the asserted patents are not infringed, invalid or unenforceable, or earlier under certain circumstances.
Somaxon estimates net product sales for Silenor for the second quarter ended June 30, 2012 to be approximately $2.8 to $2.9 million.
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