Leerink: Europe Deal Coming For Orexigen Therapeutics Inc.

European approval of Orexigen Therapeutics Inc.'s

anti-obesity drug sets the stage for an overseas partnership deal, an analyst said. Orexigen, which announced marketing clearance for the product from European regulators late Thursday, changed hands recently up 4 percent at $7.54. Leerink's Paul Matteis maintained an Outperform rating on the shares, noting that last month Orexigen said it was talking with multiple potential partners for the drug in Europe. The company had said it didn't expect to sign a deal until it had obtained marketing approval. Orexigen has received $150 million in payments through a similar U.S. deal with Takeda Pharmaceutical Co.

dating from 2010, according to Matteis. Orexigen shares may also see gains next month when it submits outlines of an upcoming study to regulators. This will "help alieviate investor concerns" about Orexigen's standing with the Food and Drug Administration, Matteris said. FDA officials were angered recently when Orexigen released what where intended as confidential interim results of a placebo-controlled study.