---
schema_version: "secwatch.filing_event.v1"
accession: "0001654954-23-015795"
form_type: "8-K"
ticker: "PTN"
cik: "0000911216"
company_name: "PALATIN TECHNOLOGIES INC"
filed_at: "2023-12-20T23:59:59+00:00"
generated_at: "2026-06-07T10:17:01.161329+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Palatin sells Vyleesi rights to Cosette for up to $171M; $12M upfront

## Summary
- 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.

## SEC filing metadata
- accession: 0001654954-23-015795
- form_type: 8-K
- ticker: PTN
- cik: 0000911216
- company_name: PALATIN TECHNOLOGIES INC
- filed_at: 2023-12-20T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 2.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/911216/000165495423015795/0001654954-23-015795-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/911216/000165495423015795/ptn_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001654954-23-015795
- JSON: https://secwatch.observer/filing/0001654954-23-015795.json
- Plain text: https://secwatch.observer/filing/0001654954-23-015795.txt

## Key facts
- M&A Transactions
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/911216/000165495423015795/0001654954-23-015795-index.htm
- Material Agreements
  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
  source text: 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®.
  evidence_url: https://www.sec.gov/Archives/edgar/data/911216/000165495423015795/0001654954-23-015795-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.