Palatin Technologies (PTN) Closes Mega-Deal with AMAG Pharmaceuticals (AMAG)
Shares of Palatin Technologies, Inc. (NYSEMKT:PTN) climbed more than 10% in pre-market trade Friday as the company said that it received a $60 million initial payment after closing a licensing deal with U.S. drugmaker AMAG Pharmaceuticals, Inc. (Nasdaq:AMAG).
Palatin previously reported that the exclusive licensing agreement – for North American Rights to its candidate Rekyndatm (bremelanotide) for a common female sexual disorder – also calls, among other things, for AMAG Pharmaceuticals to pay the biopharmaceutical company up to $80 million based on the achievement of pre-determined product regulatory milestones and up to $300 million contingent upon meeting certain sales milestones.
PTN stock closed at $0.418, up $0.018 (or +4.50%) with a total volume of 986,010 shares traded on Thursday.
Palatin Technologies, which develops targeted, receptor-specific peptide therapeutics for the treatment of various diseases, has 133.42M shares outstanding, market capitalization (intraday) of $55.77M and PTN stock 52-week range is between $0.36 and $0.90 per share.
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