UPDATE 3-Orexigen buys US obesity pill rights from partner Takeda

Tue Mar 15, 2016 11:30am EDT
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* Partners with Valeant in Europe

* To pay Takeda $60 mln for U.S. rights

* More partnerships to be announced in 2016-execs (Adds detail, conference call details)

By Natalie Grover

March 15 (Reuters) - Orexigen Therapeutics Inc bought the U.S. rights to its flagship obesity drug from co-developer Takeda Pharmaceutical Co Ltd and said it would enlist Valeant Pharmaceutical International Inc to sell the pill in Europe.

The company, which holds the rights to the drug outside the United States, said on Tuesday it would pay Takeda $60 million.

Orexigen and Takeda developed the drug, approved by the Food and Drug Administration in 2014 and sold in the United States as Contrave.

However, the relationship soured last year after an unauthorized release of trial data by Orexigen led to the termination of a heart-risk study of the drug.

Japan's Takeda launched a formal dispute process in May, seeking, among other things, that Orexigen fund the entire cost of a new cardiovascular study. But the two companies in August said they had resolved their disputes and realigned their partnership.   Continued...