Progenics regains rights to Relistor from Wyeth

Progenics Pharma regains rights to constipation drug Relistor from partner Wyeth

• On 10:12 am EDT, Wednesday October 14, 2009

NEW YORK (AP) -- Progenics Pharmaceuticals Inc. said Wednesday it is regaining the rights to its injectable constipation drug Relistor from its partner Wyeth.

Progenics will regain all the rights to Relistor and said it will take over efforts to develop an oral version of the drug. Relistor is a treatment for constipation caused by narcotic painkillers, and Progenics and Wyeth had been collaborating on it since 2005. The drug is approved in about 30 countries.

Wyeth will pay $10 million to cover the cost of returning the rights and development programs back to Progenics. The Tarrytown, N.Y., company will regain rights it granted to Wyeth when they started working together, and will get a royalty-free license on all work done during the collaboration.

Progenics will take full control of sales and development of Relistor starting in one year. Until then, Wyeth will provide support by making and selling the drug, and running clinical trials and regulatory activities for the injectable version of Relistor.

The drug is approved in the U.S., Canada, and European Union nations. Other launches are planned in 2009 and 2010, Progenics said.

Progenics shares fell 5 cents to $4.73 in morning trading. Shares of Madison, N.J.-based Wyeth fell 28 cents to $48.88.

Buzz up!