Orexigen buys back Contrave rights from Takeda
Orexigen Therapeutics (Nasdaq: OREX) and the US subsidiary of Takeda Pharmaceutical (TYO: 4502) have agreed to terminate their collaboration agreement for obesity drug Contrave (naltrexone HCl/bupropion HCl).
Contrave is the market leading national branded prescription treatment option for certain overweight and obese adults for chronic weight management, said the US firm, which saw its shares leap as much as 41.4% to $0.70 in pre-market trading this morning.
Completion of the transaction is subject to the parties' receipt of clearance under the Hart-Scott-Rodino Antitrust Improvement Act. Following closing, they have agreed to a 180-day transition period, during which time Takeda will continue to commercialize Contrave in the USA.
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