In control of its own destiny
Orexigen has completed the reacquisition of the US rights to Contrave from Takeda, putting it in control of its own destiny as it is no longer depending on a partner. However, with this opportunity comes quite a bit of risk as operating expenses will balloon to $200m per year over the next few years, more than double the previous level thanks to the need to hire an internal salesforce of 160. These increased expenses are the main reason we are lowering our valuation from $14.70 to $4.80 per share.
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