Orexigen Therapeutics partners with Korea's Kwang Dong Pharma to distribute weight loss pill
Orexigen Therapeutics (Nasdaq: OREX) on Thursday said it has partnered with Kwang Dong Pharmaceutical to distribute its weight loss medication in South Korea for an upfront payment of $7 million.
The company in a statement said it will supply Contrave (naltrexone HCl / bupropion HCl extended release) tablets to Kwang Dong for an upfront payment, about 35%-40% of net sales, potential sales-based milestone payments, and other fees. Under the terms of the agreement, Kwang Dong will be responsible for seeking regulatory approval and for all commercialization activity and expenses.
Kwang Dong expects to begin marketing Contrave in the second half of 2016, pending regulatory approval.
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