Buyback of company shares

Uppsala - July 16, 2012 – The Board of Orexo AB (“Orexo”) has resolved, within
the framework of the authorization to repurchase up to a maximum of 10 percent
of the company’s own shares, which was received at the Extraordinary General
Meeting on July 13, 2012, to begin to buy back the company’s own shares.
Authorization is until the next Annual General Meeting.

At June 30 the number of outstanding shares was 29,899,993. Orexo does not hold
any of the company’s own shares. The buyback will be carried out periodically
and is subject to market conditions and current regulations. These are, amongst
other things, that the number of shares repurchased on any given day cannot
amount to more than 25 percent of the average daily volume during the four
calendar weeks immediately preceding the week during which shares are
repurchased and that shares may only be repurchased at prices which are in the
interval between the highest bid price and the lowest asked price.

The purpose of the buyback is to optimize the capital structure of the company
and to be able to deliver shares to the participants in Orexo’s stock options
program.

For further information, please contact:
Anders Lundström, President and CEO
Tel: +46-706 67 22 66, e-mail: anders.lundstrom@orexo.com

Carl-Johan Blomberg, CFO
Tel: +46-706 33 67 11, e-mail: carl-johan.blomberg@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 Swedish
headquartered with 100 employees and listed on NASDAQ-OMX. The largest
shareholders are Danish Novo A/S and Swedish HealthCap.

For more information about Orexo please visit www.orexo.com

Note: This is information that Orexo AB (publ) discloses pursuant to the
Financial Instruments Trading Act and/or Securities Market Act. The
information was provided for public release on July 16, 2012 at 08:00 a.m.
CET. This press release has been prepared in both Swedish and English. In the
event of any discrepancy in the content of the two versions, the Swedish
version shall take precedence.