Orexigen Gets $60M In Private Placement

San Diego-based Orexigen Therapeutics, the publicly held biotech developer, said Thursday that it has raised $60M in a private placement. The funding came from The Baupost Group, LLC. Orexigenn Therapeutics said the new funding will go towards strengthening its balance sheet, ahead of commercial launch of its products. Orexigen said The Baupost Group purchased 5 million shares of its common stock at $3 per share, plus 0.25 of a warrant, which are exercisable for five years at $6 per share.