Orexigen cancels auction, to seek approval of $75 million asset sale

By Caroline Salls

Pittsburgh, June 22 – Orexigen Therapeutics, Inc. cancelled the auction for substantially all of its assets and will seek court approval to sell the assets to stalking horse bidder Nalpropion Pharmaceuticals, Inc. for $75 million, according to an 8-K filed Friday with the Securities and Exchange Commission.

Orexigen said it did not receive any competing qualified bids for the assets before the bid deadline.

The sale hearing is scheduled for June 28.

Orexigen is a San Diego-based biopharmaceutical company focused on the treatment of obesity. The company filed for bankruptcy on March 12 in the U.S. Bankruptcy Court for the District of Delaware under Chapter 11 case number 18-10518.

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