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UPDATE 1-Orexigen buys U.S. obesity pill rights from Takeda, partners Valeant

Published 2016-03-15, 08:06 a/m
© Reuters. UPDATE 1-Orexigen buys U.S. obesity pill rights from Takeda, partners Valeant
BHC
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OREXQ
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4502
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(Adds details, shares)
March 15 (Reuters) - Orexigen Therapeutics Inc OREX.O said
it agreed to buy the U.S. rights to its flagship obesity drug
from partner Takeda Pharmaceutical Co Ltd 4502.T and will tap
Canada's Valeant Pharmaceutical International Inc VRX.TO to
sell the pill in parts of Europe.
Orexigen's shares jumped about 30 percent to 91 cents before
the bell on Tuesday.
The company said it would pay Takeda $60 million to acquire
the drug, which is sold as Contrave in the United States and as
Mysimba in the European Union.
The transaction is expected to close later this month but
Takeda will continue to sell the drug in the United States
during a six-month transition period.
The distribution agreement with Valeant VRX.N includes 12
European Union countries where the drug has secured approval and
extends to several non-EU countries where Valeant will apply for
marketing authorization.
Orexigen said it expects Valeant to launch in the 12 EU
countries in the second half of this year.
The drug cleared for sale by the Food and Drug
Administration in September 2014 is one of the four treatments
approved to fight obesity in the United States.

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