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Orexigen Therapeutics –Nalproprion Asset Purchase Agreement Amended to Reflect Price Reduction

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July 26, 2018 – Orexigen Therapeutics requested, and subsequently received, Court approval to amend to its asset purchase agreement with Nalpropion Pharmaceuticals [Docket Nos. 629 and 635]. The amendment notes, “Under the Bidding Procedures Order, the deadline for submitting Qualified Bids was June 21, 2018. By the bid deadline, the Debtor did not receive any Qualified Bids for the Purchased Assets other than Nalpropion’s stalking horse bid. As a result, on June 22, 2018, the Debtor cancelled the auction that had been scheduled for June 26, 2018, and declared Nalpropion’s bid the winning bid [D.I. 409]….In summary, the APA Amendment reduces the purchase price by $1.5 million from $75 million to $73.5 million and creates a $5 million reserve from which indemnity claims related to a potential recall of certain of the Debtor’s product would be paid.”

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