Orexigen, Takeda in Contrave deal

Orexigen Therapeutics Inc. (NASDAQ:OREX) gained $0.84 (18%) to $5.43 on Thursday after granting Takeda Pharmaceutical Co. Ltd. (Tokyo:4502) exclusive rights to commercialize obesity candidate Contrave in the U.S., Canada and Mexico. Orexigen, which retains a right to co-promote Contrave in the U.S., will receive $50 million up front and is eligible for more than $1 billion in regulatory and sales milestones.

The fixed dose combination of naltrexone and buproprion is under FDA review with a Jan. 31, 2011, PDUFA date. An FDA panel is tentatively scheduled for Dec. 7 to discuss the product. ...