Tuesday, April 24, 2018

Orexigen Therapeutics Sold For $75M

San Diego-based Orexigen Therapeutics, a developer of biopharmaceuticals for treating obesity, said it is selling "substantially all" of the assets of the company to Nalproprion Pharmaceuticals, in a deal worth $75M in cash. According to Orexigen, Nalproprion Pharmaceuticals is a newly formed, special purpose entity which is backed by Pernix Therapeutics Holdings. Orexigen said the deal includes world-wide rights to its lead compound, Contrave (naltrexone HCl / bupropion HCl extended release), along with Mysimba (naltrexone HCl and bupropion HCl prolonged release) and certain other Orexigen assets. The deal is subject to court approval. Publicly held Orexigen had filed for Chapter 11 bankruptcy on March 11th.

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