By Ronda Fears
Nashville, Dec. 15 - Somaxon Pharmaceuticals Inc. got its initial public offering of 5 million shares off after Wednesday's close, pricing the stock at $11 per share, at the middle of revised price talk for a range of $10 to $12 per share, via bookrunner Morgan Stanley & Co. Inc.
Guidance had been cheapened on the IPO ahead of pricing Wednesday from original talk in a range of $13 to $15 per share.
San Diego-based Somaxon is focused on developing psychiatry and neurology drugs. Its lead product candidate, Silenor (doxepin hydrochloride), is in phase 3 clinical trials for the treatment of insomnia.
| Issuer: | Somaxon Pharmaceuticals Inc.
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| Issue: | Initial public offering
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| Proceeds: | $55 million
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| Shares: | 5 million shares
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| Greenshoe: | 750,000 shares
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| Price: | $11 per share
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| Price range: | $13 to $15
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| Bookrunners: | Morgan Stanley & Co. Inc.
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| Joint lead manager: | JP Morgan
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| Co-managers: | Piper Jaffray and Thomas Weisel Partners LLC
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| Pricing date: | Dec. 14
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| Settlement date: | Dec. 21
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| Ticker: | SOMX
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