Orexigen Therapeutics Inc. may resubmit a new drug application for its anti-obesity pill, Contrave, to the U.S. Food and Drug Administration as Orexigen finishes acquiring further required data, the company said.
The company will also submit an application for European approval.
Stock for Orexigen (Nasdaq: OREX) dropped 54 cents following the announcement, closing day trading on August 27 at $6.70 per share. The company has a market capitalization of $663.1 million.
There are only a handful of players in the obesity medication space — San Diego-based Arena Pharmaceuticals Inc. markets a drug called Belviq, and Mountain View-based Vivus Inc.’s drug is Qsymia.
Neither Arena nor Vivus has regulatory approval in Europe. Analysts say Orexigen, if it receives European approval, could beat out its competitors in that market.
— Meghana Keshavan