Issue Date: January 2, 2006
Wyeth signs with Progenics and Exelixis
Wyeth has agreed to jointly develop Progenics Pharmaceuticals' methylnaltrexone for the treatment of opioid-induced side effects. In exchange for worldwide rights to the drug, Wyeth is paying Progenics $60 million up front and as much as $356.5 million in additional milestone payments. Separately, Wyeth has signed a licensing agreement with Exelixis under which it will assume responsibility for Exelixis compounds targeting the farnesoid X receptor, a nuclear hormone receptor implicated in metabolic and liver disorders. Exelixis will get $10 million up front and may receive up to $147.5 million more in milestone payments.
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