Palatin terminates agreement with Gedeon Richter on bremelanotide
US biotech company Palatin Technologies (NYSE: PTN) has terminated the license and collaboration agreement with Hungary's largest pharma company Gedeon Richter (RICHT: HB) for bremelanotide to treat female sexual dysfunction.
All rights and licenses granted to Richter have terminated and reverted back to Palatin, with no payment or reimbursement obligations as a result of this termination.
The license agreement began in August 2014 to co-develop and commercialize bremelanotide for female sexual dysfunction in the European Union, other European countries and additional selected countries. As per the terms of the agreement, Palatin received $9.8 million in total upfront payments from Richter, and a milestone payment of $3.1 million upon the initiation of Phase III clinical trials in the USA.
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