Orexigen Therapeutics Gains On Diet Pill Nod From European Committee

Orexigen Therapeutics

opened sharply higher Friday after European regulators recommended approving its weight management drug for adults. Orexigen's Chief Executive Michael Narachi expects marketing clearance from the European Commission in early 2015. Shares of the La Jolla, Calif.-based drug company changed hands recently up 3.6 percent at $6.52. Orexigen's drug, sold in the U.S. since October partnership with Takeda Pharmaceutical Co.

under the name Contrave, will be sold in Europe under the name Mysimba. Vivus Inc.

launched a competing product called Qsymia in September 2012 while Eisai Co.,

, in partnership with Arena Pharmaceuticals Inc.

, launched its anti-obesity drug in the U.S. called Belviq in June 2013. Vivus gained nearly 3 percent recently to $3.26 a share while Arena was nearly unchanged at $4.06. The Orexigen drug is a combination of a generic form of the anti-depressant bupropion, perhaps best know known by the brand name Wellbutrin, and a generic version of Naltrexone, originally designed to prevent or reduce drug dependence. Orexigen, focused solely on the treatment of obesity, is also seeking a partner for its other product candidate, Empatic, which has completed Phase 2 clinical trials.