Progenics/Wyeth sign accord on MNTX
Wyeth Pharmaceuticals and fellow US firm Progenics have entered into an exclusive, worldwide agreement for the joint development and commercialization of methylnaltrexone for the treatment of opioid-induced side effects, including constipation and post-operative bowel dysfunction. Shares in Progenics rose 7% to $24.75 in pre-market trading on the day of the announcement, December 23.
Under the terms of the deal, Wyeth receives worldwide rights to MNTX, while Progenics retains an option to co-promote the product in the USA. The transaction includes an upfront payment of $60.0 million to Progenics with as much as an additional $356.5 million payable upon achievement of certain milestones. Wyeth will pay Progenics royalties on worldwide sales and co-promotion fees within the domestic market. The drug major is also responsible for all future development and commercialization costs.
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