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news.Progenics Pharmaceuticals has extended its agreement with Wyeth (now a subsidiary of Pfizer) to continue Wyeth’s commercialisation of Relistor (methylnaltrexone bromide) Subcutaneous injection in the US through at least 31 December 2010.
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As per the extended agreement, Wyeth’s commercialisation efforts in the US is expected to continue through 31 December 2010, and may be extended at Progenics’ option to 31 March 2011.
During the extension period, royalty payments on sales of Relistor will not be paid to Progenics.
Wyeth will continue its Relistor commercialisation efforts through at least 31 December 2010, outside the US, as originally provided for in the termination agreement and Progenics will continue to have the option to extend Wyeth’s ex-US commercial efforts to 31 March 2011.
Progenics will continue to receive installments of the $10m payment provided for in the October 2009 transition agreement.
Progenics founder, chief executive and chief science officer said that the termination agreement has been extended to allow to conclude discussions with companies interested in partnering with them on Relistor and to provide for an appropriate transition of the commercialisation activities regarding Relistor to a new partner or partners.