Somaxon Pharmaceuticals Inc. (SOMX) said Procter & Gamble
Co. (PG) opted to pass on exercising its right to negotiate for
rights to develop and commercialize an over-the-counter version of
Somaxon's insomnia drug, Silenor.
As a result, P&G no longer has any rights related to the OTC
version of Silenor--an oral tablet formulation of doxepin--under a
co-promotion agreement from August 2010.
Somaxon, a specialty drug company, said it is seeking potential
collaborations with other third parties regarding the OTC drug.
In October, Somaxon said it ended a meeting with regulators that
offered a clear path forward for approval of the OTC drug.
The company's shares were down 2% at 50 cents after-hours. As of
Monday's close, the stock was up 13% so far in 2012.
-By Ben Fox Rubin, Dow Jones Newswires; 212-416-3108; ben.rubin@dowjones.com