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AstraZeneca AB
 In January 2007, Palatin entered into an exclusive global licensing and research collaboration agreement with AstraZeneca AB to discover, develop and commercialize compounds that target melanocortin receptors for treatment of obesity, diabetes and related metabolic syndrome. The collaboration agreement was amended in June and December 2008 and September 2009. The collaboration is based on Palatin’s melanocortin receptor obesity program and includes access to compound libraries, core technologies and expertise in melanocortin receptor drug discovery and development.
Under the terms of the agreement, Palatin received an up-front payment of $10 million from AstraZeneca. Under the December 2008 amendments, Palatin received an additional up-front payment of $1.6 million from AstraZeneca and milestone payments totaling $5 million. Under the September 2009 amendment Palatin is being paid an additional $5 million. Palatin is eligible for milestone payments totaling to $145 million, with up to $85 million contingent upon development and regulatory milestones and the balance on achievement of sales targets, together with the payment of royalties on sales of approved products. AstraZeneca assumed responsibility for product commercialization, product discovery and development costs, with both companies contributing scientific expertise in the research collaboration. In addition, Palatin is providing certain research services to AstraZeneca.
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