Orexigen Therapeutics went bankrupt trying to turn its weight loss pill, Contrave, into a commercial success. Now Pernix Therapeutics will try its luck.
Pernix (NASDAQ: PTX) said Monday that a business entity it helped create, Nalpropion Pharmaceuticals, has closed a deal for Contrave. Morristown, NJ-based Pernix formed Nalpropion to bid on Contrave, which Orexigen auctioned off in its bankruptcy case. Nalpropion paid $73.5M for the drug.
Contrave combines an extended release form of the anti-depressant bupropion with naltrexone, a drug prescribed to deter substance abuse. The FDA approved Contrave in 2014, which at the time made it the third… Read more »
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