Orexigen Therapeutics, Inc. (NASDAQ: OREX) recently announced a distribution agreement between its Orexigen Therapeutics Ireland Ltd. subsidiary and Valeant Pharmaceuticals International, Inc. (NYSE: VRX) regarding the commercialization and distribution of Contrave® (naltrexone HCl / bupropion HCl extended release) in Canada.
Per the agreement, Valeant Canada, a subsidiary of Valeant Pharmaceuticals, will be responsible for obtaining Canadian regulatory approval for all the commercialization activities and expenditures. Orexigen will supply Valeant Canada with Contrave tablets at an agreed price, along with potential sales and milestone payments, and expects Valeant to file for Canadian regulatory approval by January 2017.
CEO of Orexigen, Mike Narachi, said: “Valeant Canada has a growing portfolio of innovative medicines addressing cardiometabolic disease, as well as strong regulatory and commercial capabilities, and we believe they are an ideal partner for Contrave in Canada. Partnering with strong pharmaceutical companies outside the United States supports our global mission to improve the health and lives of patients struggling to lose weight and allows Orexigen to realize the global value of Contrave / Mysimba®.”
This agreement follows a commercialization agreement between the two companies for Mysimba® (naltrexone HCl / bupropion HCl prolonged release). Mysimba has been commercialized in 19 countries in Eastern and Central Europe since March 2016, and is expected to launch in 11 countries at the end of the year as well as two more countries at the beginning of 2017.
Richard Lajoie, vice-president of the Pharma Business Unit at Valeant Canada commented on the relationship with Orexigen: “Our agreement with Orexigen will bring long-term value to one of our key growth platforms. This addition to our portfolio helps us to offer an even broader range of innovative treatments to physicians and weight management specialists for patients suffering from obesity.”
Obesity is a growing global concern. According to statistics published in an article on the Huffington Post (http://nnw.fm/0ozTP), the proportion of obese men in Canada jumped to 61.8% in 2014 from 57.3% in 2003 while the percentage for women increased to 46.2% from 41.3% in the same time period. The obesity burden in Canada is estimated to cost $4.6 billion to $7.1 billion a year.
For more information on Orexigen, visit www.orexigen.com.
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