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Orexigen plans public offering of its stock

Wednesday, 24 Oct 2012 | 6:21 PM ET

SAN DIEGO -- Orexigen Therapeutics Inc. said Wednesday that it plans a public offering of its common stock, but it did not provide the size of the offering.

Credit Suisse Securities LLC, BofA Merrill Lynch and Leerink Swann LLC will act as joint managers.

Orexigen is working to file a marketing application for its weight-loss drug Contrave with the Food and Drug Administration. The company hopes to file in late 2013, triggering a 10-month review process by the FDA.

Contrave is a pill that combines bupropion, the active ingredient in the antidepressant Wellbutrin, with the anti-addiction drug naltrexone. The FDA refused to approve the drug in February 2011. Since then the agency has approved diet pills by competitors Vivus Inc. and Arena Pharmaceuticals Inc.'s, after initially rejecting both drugs.

Orexigen shares fell 17 cents, or 3.1 percent, to $5.35 in afterhours trading.

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