Shares of Orexigen Therapeutics (NASDAQ: OREX) jumped more than 27% in morning trade after the company announced that its wholly owned subsidiary, Orexigen Therapeutics Ireland Ltd., will work with Valeant Pharmaceuticals International, Inc. to commercialize Orexigen’s weight loss drug, Contrave®, in Australia and New Zealand. Per the agreement, Valeant will be responsible for obtaining regulatory approvals and for all commercialization activities; Orexigen will supply Contrave tablets to Valeant for an agreed transfer price and certain potential sales milestone payments. Orexigen said it expects Valeant to file for regulatory approvals in both countries in the first half of 2017.
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About Orexigen Therapeutics
Orexigen Therapeutics, Inc. is a biopharmaceutical company focused on the treatment of obesity. Orexigen’s first product, Contrave® (naltrexone HCl and bupropion HCl extended release), was approved in the United States in September 2014 and became the most prescribed branded obesity medication in the United States in June 2015. In Europe, the drug has been approved under the brand name Mysimba® (naltrexone HCl/ bupropion HCl prolonged release). Orexigen is undertaking a range of development and commercialization activities, both on its own and with strategic partners, to bring Contrave / Mysimba to patients around the world. Further information about Orexigen can be found at www.orexigen.com
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