Cosette Pharmaceuticals, Inc. acquired worldwide rights to Vyleesi from Palatin Technologies, Inc. for approximately $170 million.
December 19, 2023
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Cosette Pharmaceuticals, Inc. entered into an Asset Purchase Agreement to acquire worldwide rights to Vyleesi from Palatin Technologies, Inc. (NYSEAM:PTN) for approximately $170 million on December 19, 2023. The closing of the transaction took place simultaneously with the signing of the Purchase Agreement. Under the terms of the asset purchase agreement with Cosette, Palatin will receive $12 million upfront. Palatin is also eligible to receive up to $159 million contingent upon the achievement of sales milestones ranging from annual net sales of $15 million to $200 million. Palatin will transfer to Cosette all information, data, and assets related exclusively to Vyleesi. Palatin will provide certain transitional services to Cosette for a period of time to ensure continued patient access to Vyleesi while Vyleesi is operationally separated from Palatin. 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.
Cosette Pharmaceuticals, Inc. completed the acquisition of worldwide rights to Vyleesi from Palatin Technologies, Inc. (NYSEAM:PTN) on December 19, 2023.
Palatin Technologies, Inc. is a biopharmaceutical company. The Company is engaged in developing medicines based on molecules that modulate the activity of the melanocortin receptor systems, with targeted, receptor-specific product candidates for the treatment of diseases with unmet medical need and commercial potential. Its new product development activities focus primarily on MC1r agonists, with potential to treat inflammatory and autoimmune diseases, such as dry eye disease, known as keratoconjunctivitis sicca, uveitis, diabetic retinopathy, and inflammatory bowel disease. It is also engaged developing peptides that are active at more than one melanocortin receptor, and MC4r peptide and small molecule agonists with potential utility in obesity and metabolic-related disorders, including rare disease and orphan indications. It has completed Phase III PL9643 clinical study for dry eye disease. It is also conducting Phase II study of oral PL8177 in patients with ulcerative colitis.
PALATIN TECHNOLOGIES, INC. 
