Richter, Palatin terminate license agreement for Bremelanotide
Hungarian drugmaker Gedeon Richter has terminated its license and collaboration agreement, under mutually agreed terms, with U.S.-based Palatin Technologies to co-develop and commercialize bremelanotide for female sexual dysfunction indications, Richter said on the Budapest Stock Exchange website today.
Notwithstanding the above decision, becoming a global player in the female healthcare franchise remains a paramount strategic objective of the company, Richter added in the statement.
The agreement between the companies was originally established in September 2014.
The agreement was terminated because Richter did not want to carry out further examinations requested by European regulators due to risk and cost considerations, the company told Portfolio.hu.
Palatin was entitled to €7.5 mln at the signing of the agreement. Costs incurred so far will be written off, Richter added.
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