Anders Lundström to be the new CEO of Orexo

Anders Lundström to be the new CEO of Orexo

Uppsala, January 13, 2011 - Orexo AB (STO: ORX) announces today that
Anders Lundström has been appointed as its new CEO, to lead the company
through its commercial development. He comes from Biogen Idec in the US,
one of the world's most successful biotech companies.

"This is a dream recruitment. Anders Lundström has the perfect profile
to be the new CEO of Orexo. Mr. Lundström has extensive international
experience and a strong commercial track record. He will also establish
a market-oriented approach early in our product development. This is
crucial in Orexo's current strategic phase with increased focus on the
development, marketing and sales of proprietary drugs," says Chairman of
the Board Håkan Åström.

"Orexo has been successful in developing commercially-attractive
products. This was most recently demonstrated by the U.S. approval of
Abstral. Orexo also has significant partnerships with Boehringer
Ingelheim, Ortho-McNeil Janssen and Janssen Pharmaceutica, and Novartis.
I am looking forward to leading the company through its next stage, in
building a competitive product portfolio that we can commercialize on
our own in Europe or the US," says the new CEO Anders Lundström.

Since the middle of 2010, Orexo has focused its development on
proprietary drugs that the company intends to market through its own
sales force. Three new development programs have been initialized; all
based on Orexo's proven technologies and targeted towards specialist
market segments.

Mr. Lundström will start his new position on February 1, 2011. He has
been Head of Biogen Idec International Commercial Operations,
responsible for sales and marketing in 28 countries and through
distributors in over 50 countries worldwide. He headed an organization
with 800 employees and annual revenue exceeding USD 1.5 billion. He
introduced blockbuster drugs, such as Avonex and Tysabri, in specialist
market segments. Most recently, Mr. Lundström has held the position of
Head of Biogen Idec Hemophilia Inc.

During the past 11 years, Mr. Lundström has worked internationally, in
Denmark, Switzerland and for the last five years in the US. Prior to
joining Biogen Idec, Mr. Lundström held positions in marketing and sales
at AstraZeneca, Janssen-Cilag and Bristol-Myers Squibb. He has a Master
of Science in Pharmacy as well as a degree in Marketing.

Following the recruitment of Anders Lundström, Torbjörn Bjerke will now
leave his position as CEO. As previously announced, he will be proposed
as Member of the Board. Vice President Thomas Lundqvist will be acting
CEO effective immediately until Mr. Lundström starts on February 1.

For further information please contact:
Håkan Åström, Chairman
Telephone: +46 703-74 72 13
E-mail: hakan.astrom@orexo.com (hakan.astrom@orexo.com)

Anders Lundström, incoming CEO
Telephone: +46 706-22 59 93
E-mail: anders.lundstrom@orexo.com (anders.lundstrom@orexo.com)

 

About Orexo
Orexo is a pharmaceutical company focusing on developing treatments for
pain and inflammation. Orexo is developing proprietary products based on
its proven reformulation technologies, targeted at the Specialty
Pharmaceutical market. Orexo intends to commercialize some of these
products itself in one or more major markets. Its development activity
builds on Orexo's core competences in R&D, which have previously
resulted in several successful products, currently out-licensed through
worldwide partnership agreements to larger pharmaceutical companies.
Today, Orexo has four products on the market of which Abstral® is a
leading product for the treatment of breakthrough pain in cancer
patients. Orexo also has three significant partnerships with major
pharmaceutical companies for research and development programs:
discovery stage collaborations with Ortho-McNeil Janssen and Janssen
Pharmaceutica in respiratory inflammation and with Boehringer Ingelheim
for inflammation and pain, both within the arachidonic acid cascade and
a clinical stage development agreement with Novartis for the treatment
of gastrointestinal disorders. Orexo's head office is located in
Uppsala, Sweden.
More information can be found at www.orexo.com (http://www.orexo.com/).

 

Note:
This is information that Orexo AB (publ.) is required to disclose
pursuant to the Swedish Securities Markets Act. The information was
provided for public release on January 13, 2011 at 08:00 a.m. CET.