Orexigen files for bankruptcy

Orexigen Therapeutics Inc. (NASDAQ:OREX) said on March 12 it filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware and plans to pursue an auction sale of substantially all of its assets. The company expects bids to be submitted by May 21 with an auction to begin no later than May 24. It hopes to have a sale concluded by July 2.

Orexigen's weight loss drug naltrexone/bupropion was approved in the U.S. as Contrave in 2014 and in the EU as Mysimba in 2015. Last year Orexigen and Takeda Pharmaceutical Co. Ltd. (Tokyo:4502) ended their 2010 deal under which Takeda was commercializing Contrave. Orexigen had reacquired rights to Contrave in Canada and Mexico from Takeda in 2015 (see BioCentury, March 21, 2016)...