Progenics Pharmaceuticals Inc PGNX.0 said it sold the rights for its constipation shot Relistor to Salix Pharmaceuticals Ltd (SLXP.O), sending its shares up 11 percent before the bell. The deal, which does not include rights for the product in Japan, consists of $60 million in upfront payments and $90 million in milestone payments in exchange for rights on the injection that treats opioid induced constipation. Progenics will also get sales-based milestones of up to $200 million plus royalties on product sales in the United States, as well as 60 percent of all revenue received from non-U.S. sublicensees. The companies said Relistor, which has been licensed to Ono Pharmaceuticals in Japan, booked about $16 million in worldwide sales for 2010.
Source
