Agreement with Novartis on OX17 for GERD terminated

Uppsala, Sweden – February 25, 2013 - Orexo AB today announced that Novartis AG has sent a notice of termination of the license agreement dated August 27, 2009. The OX17 program was aimed for the treatment of gastroesophageal reflux disease (GERD) and is still in early clinical phase.

Under the license agreement, Novartis was responsible for all development, production and marketing of future products.

The OX17 program has not developed according to plans and given the strategic direction which Orexo has taken, the program will be discontinued. The termination of OX17 will have no impact on the financial position of Orexo from both a cost and revenue perspective.

For further information, please contact:
Nikolaj Sørensen, President and CEO
Tel: + 46-703 50 78 88, Email: nikolaj.sorensen@orexo.com

Peter Edman, Chief Scientific Officer
Tel: +46-705 86 20 30, Email: peter.edman@orexo.com

About Orexo
Orexo AB is an emerging specialty pharma company developing improved treatments using proprietary drug delivery technology. Orexo’s expertise is within the area of reformulation technologies and especially sublingual formulations. The company has a portfolio of revenue generating EU and US approved products currently marketed under licence and a pipeline of several reformulations of approved compounds for areas of unmet medical need. Orexo also has collaboration projects with several international pharma companies. Orexo AB is headquartered in Sweden has 90 employees and is listed on NASDAQ-OMX. The largest shareholders are Novo A/S and HealthCap.

For information about Orexo please visit www.orexo.com

Orexo is required under the Financial Instruments Trading Act to make the information in this press release public. The information was submitted for publication at 8:00 am CET on February 25, 2013.

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About Us

Orexo develops improved pharmaceuticals based on innovative drug delivery technologies.The focus is primarily on opioid dependence and pain but the aim is to address therapeutic areas where our competence and technologies can create value. The main market today is the US market for the treatment of opioid dependence where the product Zubsolv® is commercialized by Orexo. Other products are commercialized by license partners, including Zubsolv in markets outside of the US. Total net sales for 2016 amounted to SEK 705.9 million and the number of employees was 102. Orexo is listed on the Nasdaq Stockholm Mid Cap (ORX) index and is available as ADRs on OTCQX (ORXOY) in the US. The head office, where also research and development is performed, is located in Uppsala, Sweden.

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