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Updated: 11/9/2009 4:03 PM					Sponsored by:
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Orexigen licenses obesity drug-related patents

By Associated Press
June 11, 2009 | Comments (0)

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Biotechnology company Orexigen Therapeutics Inc. said Thursday it licensed several patents from GlaxoSmithKline in a move to expand its position on the developing obesity drug Contrave.

Orexigen did not disclose the upfront and future payments it will make on the deal. In exchange for those payments, though, the company gets non-exclusive rights to certain patents related to bupropion, which is a part of Contrave.

The company said it is on track to ask the Food and Drug Administration for Contrave approval in the first half of 2010.

"This license agreement with GlaxoSmithKline complements the intellectual property foundation of Contrave, providing us with additional product formulation options as we pursue regulatory approval and potential commercialization of Contrave," said Orexigen President and Chief Executive Michael Narachi, in a statement.

Shares of La Jolla, Calif.-based Orexigen rose 1 cent to $3.98 in afternoon trading.

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