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Takeda - Orexigen partnership on the rocks after CV outcomes study halted

  • Takeda Pharmaceutical (OTCPK:TKPHF) (TKPYY) sends Orexigen Therapeutics (NASDAQ:OREX) a dispute letter seeking termination of their collaboration agreement in response to cessation of The Light Study citing a material breach of the contract.
  • Apparently, Takeda wants Orexigen to pay the entire cost of the new CV outcomes trial which is slated to start later this year and run until 2022. According to RBC Capital Markets analyst Simos Simeonidis, the study will cost ~$200M. Under the terms of the agreement, the companies will split the costs. Also, Takeda has promised as much as $900M in milestone payments to Orexigen and has already committed $45M. The firms will now enter a dispute resolution process that may include arbitration.
  • Previously: Then, again, maybe Contrave doesn't prevent heart attacks (May 12)
  • Previously: Orexigen's Contrave data release may have not have been a good idea (March 3)
  • OREX is down 11% premarket on light volume.

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