(RTTNews) - Biopharmaceutical company Palatin Technologies, Inc. (PTN) announced Wednesday the sale of Vyleesi to US-based speciality pharmaceutical company Cosette Pharmaceuticals for up to $171 million, consisting of an upfront purchase price of $12 million plus contingent, sales-based milestone payments of up to $159 million.
Vyleesi is the first and only as-needed treatment approved by the Food and Drug Administration (FDA) for premenopausal women with acquired, generalized hypoactive sexual desire disorder (HSDD).
Palatin will transfer to Cosette all information, data, and assets related exclusively to Vyleesi and provide certain transitional services to Cosette for a period of time to ensure continued patient access to Vyleesi.
Cosette will reimburse Palatin for the costs of the transition services. Palatin is also eligible to receive regulatory approval milestones of $10.5 million associated with the previous licensing of Vyleesi, consisting of $7.5 million related to Fosun for China and $3.0 million related to Kwangdong for S. Korea.