Somaxon Pharmaceuticals, Inc. (NASDAQ: SOMX) today announced that Somaxon and Procter & Gamble (NYSE: PG) have entered into a co-promotion agreement for Silenor(R) (doxepin), a newly-approved treatment for insomnia characterized by difficulty with sleep maintenance.
Under the terms of the agreement, Somaxon and Procter & Gamble will co-promote Silenor with a combined 215 sales representatives in the U.S. market. Procter & Gamble's professional health care sales force will promote Silenor to targeted primary care and other high-prescribing physicians. Somaxon's focus will be on specialists and other top-decile physicians who treat insomnia. In addition, Procter & Gamble will promote Silenor to targeted pharmacies and will provide supplemental managed care support services for Silenor. Somaxon has also granted Procter & Gamble a right of first negotiation relating to rights to develop and market Silenor as an over-the-counter medication in the U.S. Shares of the company surged as much as 26% in pre-market trading.
Veeco Instruments Inc. (NASDAQ: VECO) announced today that its Board of Directors has authorized the repurchase of up to $200 million of the Company's common stock over the next year.
"This authorization reflects our continued confidence in and positive outlook for our business," said John R. Peeler, Veeco's Chief Executive Officer. "Our strong cash position and cash flow from operations will allow us to execute share repurchases while retaining the flexibility to continue to invest in other opportunities to grow our business. Our Board of Directors strongly believes that Veeco's stock currently presents an attractive investment for the Company and its stockholders." Shares of the company soared as much as 3% in pre-market trading.
Full Disclosure: None.
