Palatin and AZ extend melanocortin receptor R&D alliance

The USA's Palatin Technologies has extended its R&D collaboration and license agreement with Anglo-Swedish drug major AstraZeneca focused on compounds that target melanocortin receptors. Also, as part of the deal, they have signed a clinical trial sponsored research agreement. Under the terms of the extension, Palatin will receive an upfront payment of $1.6 million and AstraZeneca has been granted licenses to additional compounds and patents. Additionally, the research term has been extended, with Palatin contributing scientific expertise and AZ supporting internal activities at an agreed full-time equivalent rate. Palatin says it will be eligible, in the near future, for milestone payments totaling $5.0 million in connection with the collaboration and license.