Progenics Regains Relistor Rights

TARRYTOWN, N.Y. (TheStreet) -- Progenics Pharmaceuticals(PGNX Quote) said it is getting back worldwide rights of the drug Relistor from Wyeth's(WYH Quote) pharmaceutical unit.

Wyeth will pay Progenics $10 million in installments over six quarters to cover costs for the move, according to a press release issued on Wednesday. Progenics will take over full control following a one-year transition, during which Wyeth will continue commercial activities, ongoing clinical studies and regulatory activities for the drug. During the period, Wyeth will also pay royalties to Progenics.

Progenics will also continue work developing the oral form of the drug.

Wyeth originally received licensing rights to Relistor -- a drug which treats constipation caused by pain-reducing opiod drugs -- in a 2005 agreement with Progenics. Fellow drug giant Pfizer(PFE Quote) is in the process of buying out Wyeth in a $68 billion deal.

--Written by Sung Moss in New York

Follow TheStreet.com on Twitter and become a fan on Facebook.