Gedeon Richter and US Palatin to market new drug in Europe
Hungarian drug producer Gedeon Richter has concluded an agreement with US biopharmaceutical company Palatin Technologies to develop and commercialize bremelanotide, an active ingredient in a drug designed to treat female sexual dysfunction (FSD), the Hungarian company announced yesterday. The drug will be marketed in the European Union and in a few other countries.
FSD is a medical condintion suffered by some women that interferes with their sexual pleasure and can reduce sexual desire. Certain drugs have proven to have potential in treating the condition.
Under the terms of the agreement, Palatin will receive total upfront payments of €7.5 mln. It will also receive €2.5 mln upon initiation of its clinical trial program in the US and a further €20 mln related to regulatory milestones.
Palatin is expected to receive up to €60 mln on sales and double-digit royalties on net sales in the licensed territories, Richter added.
Palatin and Richter will cooperate to obtain regulatory approval in Europe. However sales, marketing and commercial activities in the licensed territories will be the sole responsibility of Richter.
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