Wyeth to hand over Relistor, $10M to Progenics
Progenics Pharmaceuticals is executing a changing of the guard with Wyeth over control of the constipation drug Relistor. Wyeth will pay Progenics $10 million over the course of the next year as it transfers the drug back to Progenics. And Progenics says it can do a better job with the therapy--including focusing on follow-up versions of the therapy--while Wyeth concentrates on its merger with Pfizer.
"We feel that by having a focused effort on Relistor, our company, the company that has the most at stake, can drive the commercialization of this product in the best possible way," Progenics CEO Paul Maddon told Reuters.
Progenics originally licensed the drug to Wyeth four years ago and now will take back full control of the development of a subcutaneous version of the drug after the one-year transition period. It is immediately taking control of the development of an oral version of the therapy.