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Pharmaceuticals
Progenics buys out partner
May 1, 2006
| A version of this story appeared in
Volume 84, Issue 18
Progenics Pharmaceuticals has taken full control of PSMA Development Co., its prostate cancer joint venture with Cytogen Corp. In addition to an upfront payment of $13.2 million, Cytogen stands to receive milestone payments of up to $52 million in exchange for its 50% share in the venture, which is developing cancer immunotherapies based on prostate-specific membrane antigen. Progenics gains PSMA antibody-drug-conjugate technology, as well as two PSMA therapeutic vaccine candidates.
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