Investment themes 

Only available in English

Key growth drivers 

• Scale AmorphOX® into a multi‑application drug delivery platform.
• Building on its leadership in nasal powder delivery, AmorphOX will scale into a leader in all routes of administration.
• Address fast‑growing pharmaceutical markets, such as GLP-1s and vaccine, with a focused, value‑driven pipeline.
• Leverage unique, FDA‑inspected manufacturing to enable rapid scale‑up and partnerships.
• Create multiple revenue streams through a partnership‑led business model.
• Accelerate growth by fully focusing capital and resources post‑Zubsolv® US divestment.

Enablers

A proven heritage in drug delivery and strategic partnerships

Orexo brings more than 30 years of drug delivery expertise with a strong execution track record. The company has developed four drugs from concept to regulatory approval using its first‑generation sublingual technology, supported by long‑standing partnerships spanning development and global commercialization in more than 25 markets.

AmorphOX: A differentiated technology for small and large molecules

AmorphOX is the result of eight years of focused R&D and more than 500 formulations. The technology has successfully converted 21 APIs, including complex biomolecules, into stable powder compounds. By ensuring physical and chemical stability, AmorphOX enables new routes of administration and more efficient manufacturing, distribution, and handling.

Global leadership in nasal powder drug delivery

Orexo holds a world‑leading position in nasal powder delivery, offering a non‑invasive, needle‑free alternative with compelling clinical and commercial advantages. By bypassing first‑pass metabolism, the technology enables rapid systemic absorption, making it well suited for peptides and biologics, with potential for CNS delivery and simplified treatment for patients and healthcare professionals. 

Innovative pipeline addressing fast‑growing markets

Orexo is advancing a focused pipeline in biologics and emergency treatments, supported by strategic partnerships. Key programs include OX472, a GLP‑1 agonist approaching first‑in‑human studies; a stabilized vaccine candidate designed to eliminate cold‑chain requirements; Izipry™ approaching potential FDA approval; OX640 for anaphylaxis targeting a USD 6+ billion global market; and OX390, developed with BARDA (part of US Health Department) to address adulterated overdoses.

Engineered for scale and reliability

Orexo operates the only commercial manufacturing line capable of producing dry powder nasal formulations. The FDA‑inspected facility is designed to produce millions of doses annually and supports both proprietary products and partnered pipelines, with end‑to‑end control from formulation to packaging.

Strategic focus following Zubsolv® US divestment

The divestment of Zubsolv US enables Orexo to fully focus on AmorphOX® and accelerate development. Proceeds will be used to expand platform applications, advance proprietary assets to value‑inflection points, and grow partnerships integrating AmorphOX into external pipelines, driving near‑term revenues and long‑term royalties.

The transaction in numbers:
▶️USD 91 m plus USD 3.8 m for inventory
▶️In addition, Orexo is eligible for up to USD 16.8 m in net sales-based payments referring to 2026 & 2027.