Orexigen opens bidding process, selling itself for $75 million

25 April 2018

US obesity-focused biopharma company Orexigen Therapeutics (Nasdaq: OREX) has entered into an asset purchase agreement with Nalpropion Pharmaceuticals to sell substantially all of the assets of the company, subject to court approval.

Under the terms of the accord, Orexigen will sell the world-wide rights to obesity drug Contrave/Mysimba (naltrexone/bupropion extended release)/Mysimba (naltrexone H and bupropion prolonged release) and certain other Orexigen assets for $75 million in cash.

In 2016, then licensee Japan’s Takeda Pharmaceutical (TYO: 4502) walked away from its deal on Contrave, buying back marketing rights for $75 million plus milestone payments.

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