March 13, 2018 / 11:23 AM / 10 months ago

Obesity drug developer Orexigen in bankruptcy to pursue sale

Obesity treatment developer Orexigen Therapeutics Inc filed for Chapter 11 bankruptcy protection on Monday to sell itself after efforts last year to strengthen its balance sheet came up short and left the company low on cash.

Orexigen President and Chief Executive Michael Narachi in court papers said sales of the company’s key prescription-only Contrave weight-loss product fell in 2016 while the company was acquiring the drug from Takeda Pharmaceutical Co Ltd.

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