Takeda Exits Contrave Deal But Orexigen Insists Drug Can Grow
This article was originally published in PharmAsia News
Beware the Ides of March, especially if you're an investor in the obesity drug market. Orexigen added further evidence that the market is crumbling as it hitched its wagon to a partner that is even worse off.
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Takeda and Norgine’s decision to finally end their alliance for cetilistat in Japan, years after the obesity drug was approved in its first potential market, serves as another sign of the sector’s challenges in the country.
Orexigen hoped its go-it-alone strategy would boost obesity drug Contrave's sales enough to keep the company afloat, but now it has initiated bankruptcy proceedings, following through on a warning in October that it might not meet debt holders' requirements.
Two companies in the biopharma space began trading publicly this week, one to pay off debt, the other to fund an early-stage pipeline.