BUZZ-Palatin Technologies Inc: Rival drug maker Sprout being bought by Valeant

Thu Aug 20, 2015 9:03am EDT
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** Specialty drug maker's shares up 16 pct at $1.13 premarket after Canada's Valeant Pharmaceuticals International Inc says it will buy Sprout Pharmaceuticals

** Palatin is creating drug, called bremelanotide, that could rival Sprout's drug, Addyi, which became first approved treatment this week for low sexual desire in premenopausal women

** Approval for Sprout's drug seen by industry experts as more likely to help build market for better future rival drugs

** Valeant's U.S-listed shares up 0.4 pct at $245.92 premarket

** Up to Wednesday's close, stock had risen 33 pct this year