September 3, 2014 / 6:21 AM / 3 years ago

Hungary's Richter, Palatin Technologies sign drug license deal

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BUDAPEST, Sept 3 (Reuters) - Hungary's Richter and Palatin Technologies have signed a license agreement to co-develop and sell a drug called bremelanotide in the EU, other European countries and additional selected countries, the companies said on Wednesday.

Richter is Hungary's largest pharmaceutical company with a strong focus on female health. Bremelanotide is aimed at treating female sexual dysfunction (FSD) indications.

Under the terms of the agreement, Palatin will receive total upfront payments of 7.5 million euros, and will additionally receive 2.5 million euros upon initiation of its phase 3 clinical trial program in the United States, the firms said.

"Palatin and Richter will each contribute to the European co-development activities for obtaining regulatory approval in Europe," they added. (Reporting by Krisztina Than; Editing by Michael Urquhart)

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