Orexo AB converts convertible bonds subscribed for by Novo A/S

Uppsala, Sweden - August 26, 2013 – During the second quarter of 2010 Novo A/S
subscribed for a convertible bond issue of MSEK 111 by Orexo AB. The bonds have
a fixed rate coupon of 8 per cent per annum and a conversion price of SEK 47.50.

When Orexo AB’s share price exceeds the conversion price by 50% during a certain
period, Orexo AB has the right to convert the convertible bonds and accrued
interest into shares. The conditions for conversion were met on August 23, 2013
and Orexo AB then resolved to exercise its right to convert. Pursuant to the
conditions for the bonds, not only the principal is converted at the time of
conversion, but also unpaid accrued interest.

The number of shares in Orexo AB will thereby increase by 2,460,526 to
32,532,858 shares and participating interest of Novo A/S will increase to 29.6%
of the capital and votes.

“The conversion of the bonds into shares increases our equity by MSEK 111 and
thereby the equity/assets ratio by approximately 19 percentage points to 37
percent, calculated on the basis of the financial position in the second quarter
of 2013. On an annual basis our interest expenses decrease by MSEK 9. The
improvement in earnings together with a stronger balance sheet strengthens our
financial position ahead of the coming launch of Zubsolv®in the USA,” says
Nikolaj Sørensen, President and CEO of Orexo AB.

For further information, please contact:
Henrik Juuel, EVP and Chief Financial Officer
Tel: +46 (0)722-20 94 77, e-mail: henrik.juuel@orexo.com

About Orexo
Orexo is an emerging specialty pharma company with commercial operations in the
United States and R&D in Sweden 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 US and EU approved products currently marketed under
license and a pipeline of several reformulations of approved compounds for areas
of unmet medical need. Orexo also has collaboration projects with several
international pharmaceutical companies. Orexo, with its headquarters in Sweden,
is listed on NASDAQ-OMX. The largest shareholders are Novo A/S and HealthCap.

Orexo is required under the Financial Instruments Trading Act to make the
information in this press release public. The information was submitted for
publication at 08:00 am CET on August 26, 2013.

For information about Orexo AB, please visit www.orexo.com.