PALATIN TECHNOLOGIES INC (PTN): M&A transaction — Palatin sells Vyleesi rights to Cosette for up to $171M; $12M upfront

PALATIN TECHNOLOGIES INC

Up-front payment of $12M plus sales-based milestones up to $159M based on annual net sales of $15M to $200M.
Additional regulatory milestones of $10.5M from prior licenses (Fosun $7.5M, Kwangdong $3.0M) remain receivable.
Palatin will provide transitional services; operational separation ensures continued patient access for Vyleesi.
Company shifts focus to melanocortin pipeline: Phase 3 dry eye (PL9643) topline data expected soon; Phase 2 ulcerative colitis (PL8177) interim Q1 2024.
Transaction closed simultaneously with signing on December 19, 2023.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

PALATIN TECHNOLOGIES INC completed a disposition involving Cosette Pharmaceuticals, Inc. 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 (closed 2023-12-19).

Action: disposition
Counterparty: Cosette Pharmaceuticals, Inc.
Consideration: up to $171 million, consisting of an upfront purchase price of $12 million plus contingent, sales-based milestone payments of up to $159 million
Closing: 2023-12-19

Exact text from the filing

records pertaining to the historical sales and distribution of Vyleesi, as well as quality control and pharmacovigilance records and other records. Palatin will receive up to $171 million, consisting of an upfront purchase price of $12 million plus contingent, sales-based milestone payments of up to $159 million. The closing of the transaction took place

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

PALATIN TECHNOLOGIES INC entered into Asset Purchase Agreement with Cosette Pharmaceuticals, Inc. valued at up to $171 million, consisting of an upfront purchase price of $12 million plus contingent, sales-ba (effective 2023-12-19).

Action: entry
Agreement: asset purchase
Counterparty: Cosette Pharmaceuticals, Inc.
Value: up to $171 million, consisting of an upfront purchase price of $12 million plus contingent, sales-ba
Effective: 2023-12-19

Exact text from the filing

On December 19, 2023, Palatin Technologies, Inc. (“Palatin”) entered into an Asset Purchase Agreement (the “Purchase Agreement”) with Cosette Pharmaceuticals, Inc. (“Cosette”) pursuant to which Cosette acquired from Palatin worldwide rights to Vyleesi®.

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Source: SEC EDGAR

accession 0001654954-23-015795

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