Orexigen® Therapeutics Prices Public Offering of Common Stock

        Orexigen® Therapeutics Prices Public Offering of Common Stock

PR Newswire

SAN DIEGO, Oct. 25, 2012

SAN DIEGO, Oct. 25, 2012 /PRNewswire/ -- Orexigen Therapeutics, Inc. (Nasdaq:
OREX) today announced that it has priced an underwritten public offering of
11,000,000 shares of its common stock at a price of $5.50 per share. Net
proceeds, after underwriting discounts and commissions and estimated expenses,
will be approximately $56.5 million. Orexigen has granted the underwriters a
30-day option to purchase up to an additional 1,650,000 shares of common
stock. The offering is expected to close on or about October 30, 2012,
subject to satisfaction of customary closing conditions. Credit Suisse
Securities (USA) LLC, BofA Merrill Lynch and Leerink Swann LLC are acting as
joint book-running managers for the offering.

The securities described above are being offered by Orexigen pursuant to a
registration statement previously filed and declared effective by the
Securities and Exchange Commission. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy, nor shall there be any
sale of these securities in any jurisdiction in which such offer, solicitation
or sale would be unlawful prior to the registration or qualification under the
securities laws of any such jurisdiction. The offering may be made only by
means of a prospectus supplement and the accompanying prospectus, copies of
which may be obtained, when available, from Credit Suisse Securities (USA)
LLC, Attention: Prospectus Department, One Madison Avenue, New York, NY 10010
or by calling toll-free (800) 221-1037 or emailing a request to
newyork.prospectus@credit-suisse.com, from BofA Merrill Lynch, Attn:
Prospectus Department, 222 Broadway, New York, NY 10038 or by emailing a
request to dg.prospectus_requests@baml.comor from Leerink Swann LLC ,
Attention: Syndicate Department, One Federal Street, 37th Fl., Boston, MA
02110 or by calling Leerink Swann LLC, toll free, at 1-800-808-7525, Ext.

About Orexigen® Therapeutics

Orexigen Therapeutics, Inc. is a biopharmaceutical company focused on the
treatment of obesity. The Company's lead product candidate is Contrave®, which
has completed Phase III clinical trials and for which a New Drug Application
has been submitted and reviewed by the FDA. The Company has also reached
agreement with the FDA on a Special Protocol Assessment (SPA) for the Light
Study, the Contrave cardiovascular outcomes trial. The Company's other
product candidate, Empatic™, has completed Phase II clinical trials. Further
information about the Company can be found at www.orexigen.com.

Orexigen Contact:                                 Media Contacts:
McDavid Stilwell                                  Denise Powell
VP, Corporate Communications and Business         WCG
(858) 875-8629                                    (510) 703-9491

SOURCE Orexigen Therapeutics, Inc.

Website: http://www.orexigen.com
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