Salix paying $60M up front for Progenics' constipation drug, but investor relief short-lived
This article was originally published in Scrip
The news that Progenics Pharmaceuticals found a new partner for its opioid-induced constipation medicine Relistor (methylnaltrexone bromide) in fellow bowel drug maker Salix Pharmaceuticals, which licensed the exclusive worldwide rights for the product, except for Japan, in exchange for $60 million upfront and potentially $290 in milestones, had investors relieved 7 February, although the stimulation of the deal tapered off as the day wore on, with both firms' shares down at the bell.
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