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OREX

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YCharts

Orexigen Therapeutics

(OREX)

has been the best-performing obesity drug stock in 2013 despite not having an approved obesity drug to sell. 

The respective commercial launches of

Vivus'

(VVUS) - Get Report

Qsymia and

Arena Pharmaceuticals'

(ARNA) - Get Report

Belviq have underwhelmed this year, leading to a steep drop in their stock prices. 

So, it seems as if Orexigen has actually

benefitted from the protracted FDA review and delayed commercial launch

of its obesity pill Contrave. On Monday,

Contrave passed a key heart-safety test

, which should lead to the drug's approval next June.

Will Orexigen and its marketing partner

Takeda

succeed where rivals have (so far) failed? 

Takeda has a lot of metabolic drug marketing experience -- Actos is a blockbuster diabetes drug -- which should proven beneficial with the Contrave launch. 

Orexigen's enterprise value is still significantly lower than Arena and Vivus.

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OREX Enterprise Value

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YCharts

-- Reported by Adam Feuerstein in Boston.

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Adam Feuerstein writes regularly for TheStreet. In keeping with company editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet. He also doesn't invest in hedge funds or other private investment partnerships. Feuerstein appreciates your feedback;

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