Orexigen raises $60M in private placement

Orexigen Therapeutics Inc. (NASDAQ:OREX) raised $60 million through the sale of 20 million units at $3 to funds managed by The Baupost Group in a private placement. Each unit consists of a share of common stock and 0.25 of a warrant to purchase a share of common stock; the warrants are exercisable for five years at $6 per share.

Orexigen said it is preparing to launch Mysimba naltrexone/ bupropion in Europe while also discussing ex-U.S. partnerships for the drug. Its U.S. partner, Takeda Pharmaceutical Co. Ltd. (Tokyo:4502), markets the fixed-dose combination of naltrexone sustained release (SR) and bupropion SR as Contrave. ...