Date
4 December 2016
Palatin Technologies Inc., which makes drugs for women with low sex drive, has received offers regarding a sale or licensing deals. Photo: Fortune
Palatin Technologies Inc., which makes drugs for women with low sex drive, has received offers regarding a sale or licensing deals. Photo: Fortune

Female Viagra maker explores potential sale

Palatin Technologies Inc., which is looking to dethrone Addyi as the primary drug treatment for women with low sex drive, has hired an investment bank to explore a sale or licensing deal.

Cranbury, New Jersey-based Palatin retained Greenhill & Co. Inc. after receiving a number of offers from interested companies, Reuters reports, citing an unnamed source.

The source cautioned there is no guarantee the review will result in a deal.

Palatin did not immediately respond to requests for comment.

Palatin’s review follows a disappointing debut for Addyi, dubbed “the female Viagra”.

Drugs that treat low sexual desire in women are said to be a US$2 billion worldwide market.

Addyi has been owned by Valeant Pharmaceuticals International Inc. since last year when the pharmaceutical company bought Sprout Pharmaceuticals for about US$1 billion.

Despite a flurry of initial excitement surrounding Addyi, it has faced a number of challenges.

The drug’s restrictive requirements — alcohol abstinence and daily consumption — have led to complaints it is burdensome. The drug can also affect patients’ blood pressure, requiring it to include safety warnings.

Palatin, meanwhile, says its drug is safe to use with alcohol and is not expected to require the same precautionary safety label as Addyi.

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