- Nano cap Palatin Technologies (PTN +5.3%) spiked almost 55% before retracing on the news that it is exploring a possible sale. It has retained Greenhill & Co. to advise after receiving multiple offers from interested suitors.
- Palatin's lead product candidate is bremelanotide, in development for the on-demand treatment of female sexual dysfunction in premenopausal women with hypoactive sexual desire disorder (HSDD). Its key advantage over Valeant Pharmaceuticals' (VRX -8.2%) Addyi (filbanserin) is that women who have consumed alcohol can use it.
- Valeant bought the company that developed Addyi, Sprout Pharmaceuticals, for $1B but the drug has struggled to gain traction due to, in large part, its contraindication with alcohol because of the risk of fainting.