Orexigen agrees to sell itself to Nalpropion Pharma for $75M; shares down 34%

Orexigen (OREX) announces that it has inked an agreement with Nalpropion Pharmaceuticals to sell virtually all of its assets for $75M in cash.

Nalpropion is a newly formed special purpose entity capitalized by an investor group that includes Pernix Therapeutics (PTX +1.6%).

The transaction is subject to higher/better offers.

Shares are down 34%.