Progenics Receives $50 Mln Milestone Payment After Opioid-induced Constipation Drug Approval

By Emma CourtMarketsMarketWatch Pulse

Progenics Pharmaceuticals Inc. said Tuesday it received a $50 million milestone payment after its opioid-induced constipation drug Relistor was approved last week. The payment was from Valeant Pharmaceuticals International Inc. , a global collaborative partner of Progenics. Progenics said it is eligible for up to $200 million of sales milestone payments overall. The company's shares were up 2.2% in pre-market trade. Its stock rose 10.0% over the last three months, compared with a 3.7% rise in the S&P 500 .

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