Progenics Pharma (PGNX) Regains RELISTOR Rights from Wyeth (WYE)
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Progenics Pharmaceuticals, Inc. (NASDAQ: PGNX) today announced that it has entered into an agreement with Wyeth Pharmaceuticals, a division of Wyeth (NYSE: WYE) under which Progenics is regaining all worldwide rights to the RELISTOR(R) franchise from Wyeth Pharmaceuticals. Progenics had previously licensed RELISTOR to Wyeth.
Wyeth has agreed to:
- Pay Progenics a total of $10 million in six quarterly installments to cover certain transaction costs;
- Provide support by continuing manufacturing, marketing, sales, distribution, currently ongoing clinical studies, and regulatory activities for subcutaneous RELISTOR;
- Exclusively license to Progenics, on a royalty-free basis, its rights to RELISTOR intellectual property that arose under the companies' 2005 License and Co-Development Agreement;
- Return to Progenics rights previously granted to it under the companies' 2005 Agreement.
Progenics will assume immediate operational and financial responsibility for ongoing development of the oral form of RELISTOR.
Wyeth will reimburse Progenics up to $9.5 million for development of a multi-dose pen for subcutaneous RELISTOR. Progenics plans to launch subcutaneous RELISTOR in this multi-dose pen for the chronic-pain OIC market in 2011. Wyeth will also provide up to $5 million in support for required pediatric studies.
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