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Pernix Therapeutics closes acquisition of certain Orexigen assets

Nalpropion Pharmaceuticals Inc. completed the acquisition of certain assets from Orexigen Therapeutics Inc. for a reduced price of $73.5 million.

Bankrupt Orexigen Therapeutics previously agreed to sell nearly all of its assets to Nalpropion in a deal initially worth $75 million. The assets include worldwide rights to Orexigen's weight loss drug Contrave/Mysimba.

Nalpropion Pharmaceuticals is a special purpose vehicle formed by Pernix Therapeutics Holdings Inc., along with funds managed by investment management firms Highbridge Capital Management LLC and Whitebox Advisors LLC.

Morristown, N.J.-based Pernix Therapeutics will be responsible for the distribution of Contrave in the U.S. and the management of Nalpropion for an initial two-year period. The company will receive 5% of Nalpropion's net sales as management fee and reimbursement of certain shared services expenses.

The specialty pharmaceutical company was also granted two purchase options to buy up to 49.9% and 100% of Nalpropion within specific time periods and purchase prices.