Terms of the Orexigen-Takeda transaction (from press release)
“The transaction is expected to close in late March 2016 following receipt of clearance under the HSR Act. At the closing, Orexigen will pay Takeda $60 million to acquire Contrave U.S. rights.
Following completion of the transition period, Orexigen is required to pay Takeda an additional $15 million in the first quarter 2017. Orexigen is also required to pay Takeda milestone payments upon achievement of certain levels of U.S. net sales of Contrave, the first of which, a $10 million payment, occurs when Contrave net sales reach $200 million in any calendar year.
With the additional capital raised through the convertible notes issuance, Orexigen believes the company has sufficient capital to fund its U.S. commercialization plan for Contrave and achieve projected profitability for full year 2019.”
- Orexigen Re-Acquires U.S. Rights to Contrave from Takeda (GEN)
- Orexigen buys U.S. obesity pill rights from partner Takeda (Reuters)
- Orexigen buys back Contrave rights from Takeda (The Pharma Letter)
- Orexigen and Takeda Jointly Announce Orexigen’s Acquisition of All Rights to CONTRAVE® in the United States (2nd pr)