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ARTICLE | Company News

Orexigen accepts $75M stalking horse bid

April 27, 2018 7:50 PM UTC

On April 23, Orexigen Therapeutics Inc. (NASDAQ:OREX) accepted a $75 million cash bid from an investor group including Pernix Therapeutics Holdings Inc. (NASDAQ:PTX) to acquire Orexigen assets including worldwide rights to obesity drug Contrave naltrexone/bupropion. Orexigen said the deal is subject to higher or better offers, which it will accept through June 21.

The bid makes the investor group's vehicle, Nalpropion Pharmaceuticals Inc., the "stalking horse" bidder in Orexigen's Chapter 11 bankruptcy auction, scheduled for June 26. Nalpropion is entitled to a breakup fee plus reimbursement of expenses if it is outbid...