Progenics Regains Relistor Rights
TARRYTOWN, N.Y. (
) --
Progenics Pharmaceuticals
(PGNX) - Get Progenics Pharmaceuticals, Inc. Report
said it is getting back worldwide rights of the drug Relistor from
Wyeth's
undefined
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.
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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) - Get Pfizer Inc. Report
is in the process of buying out Wyeth in a $68 billion deal.
--Written by Sung Moss in New York
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