We have added Orexigen Therapeutics to our evaluated company list and created a 10-year pipeline valuation model.

Orexigen specializes in combining generic drugs and searching for synergies with the goal of creating new drug candidates. The company completed an initial public offering in May of 2007 and its clinical stage pipeline includes two drugs: Contrave in Phase III and Empatic in Phase IIb, both for the treatment of obesity. Orexigen holds worldwide rights to both of the drugs. It has in-licensed two composition of matter (COM) patents for Contrave and one for Empatic. According to the company’s most recent 10-Q, the Contrave COM patents expire in 2013 and the Empatic COM patent expires in 2023.

Orexigen is also pursuing methods of use and formulation patents for the drugs. Also worth mentioning is a recent settlement agreement reached between Orexigen and Eisai regarding the rights to use zonisamide (a component of Empatic) to treat obesity. This lawsuit implies that Eisai may be looking to expand the indications for Zonegran (zonisamide) to include obesity.

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