Orexigen receives payments totaling $22 million from US and Korean partners

23 September 2015

US obesity drug specialist Orexigen Therapeutics (Nasdaq: OREX) says it has received the first of three potential $15 million anniversary milestone payments from Japanese drug major Takeda Pharmaceutical (TYO: 4502), its US partner for Contrave(naltrexone HCl and bupropion HCl extended release).

Two additional potential $15 million anniversary milestone payments are expected from Takeda in the fourth quarter of each of 2016 and 2017.

Orexigen also announced receipt of the $7 million upfront payment from Kwang Dong Pharmaceutical, based in Seoul, Korea. In August 2015, Orexigen and Kwang Dong executed a Korean distributorship agreement for Contrave. Kwang Dong expects to begin marketing Contrave in the second half of 2016, if regulatory approval is obtained.

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