Valeant to commercialize Orexigen's Contrave in Canada

30 August 2016

USA-based Orexigen Therapeutics (Nasdaq: OREX) today announced that Valeant Canada, a subsidiary of Valeant Pharmaceuticals International (TSX: VRX), will commercialize its weight loss product Contrave (naltrexone HCl/bupropion HCl extended release) in Canada.

The news pushed Orexigen’s shares up 12.27% to $3.83 in pre-market trading this morning, while Valeant stock dipped less that 1%.

Under the terms of the agreement between Valeant and Orexigen, the former will be responsible for obtaining Canadian regulatory approval and for all commercialization activity and expenses. Orexigen will supply Contrave tablets to Valeant Canada or its affiliates for an agreed transfer price and certain potential regulatory and sales milestone payments. Orexigen expects Valeant to file with Health Canada for regulatory approval by January 2017.

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