A fatter deal wasn't needed

Orexigen Therapeutics Inc. could have held out for more money by waiting to partner Contrave until after the obesity candidate's FDA panel review on Dec. 7. But the biotech's decision to tie up with Takeda Pharmaceutical Co. Ltd. was based on its calculus that it was more important to sign with a well-resourced partner now in order to be prepared for launch immediately after approval.

Contrave, a combination of naltrexone and bupropion, will be the third obesity candidate to come under FDA review this year, and is the second to land a partner prior to reaching the end zone...