Somaxon Pharmaceuticals, Inc. (SOMX) and CJ CheilJedang Announce Collaborative Agreement for the Commercialization of Silenor® in South Korea
Somaxon Pharmaceuticals and CJ CheilJedang announced today that they have reached an agreement under which CJ CheilJedang will have the exclusive right to commercialize Silenor® (doxepin) in South Korea for the treatment of insomnia. The terms of the agreement stipulate that Somaxon will collect an up-front payment of US$600,000. CJ CheilJedang will be responsible for regulatory submissions for Silenor and retains the exclusive right to commercialize Silenor in South Korea. Upon Silenor’s approval in South Korea, Somaxon will be eligible to receive sales-based milestone imbursements on top of a net sales based royalty of Silenor in South Korea. Somaxon will…