Wyeth, Progenics to get FDA review |
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Thu, 31 May 2007 16:39
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NEW YORK (AP) - Wyeth Pharmaceuticals, a unit of drug maker Wyeth, and biotech drug developer Progenics Pharmaceuticals Inc. said Thursday the Food and Drug Administration will review a marketing application for their drug treatment for constipation due to the use of painkillers.Progenics will receive a $5 million milestone payment from Wyeth. Earlier in the month, Wyeth submitted a similar marketing application to European regulators, triggering a $4 million milestone to Progenics.The companies expect the FDA to render a decision on the drug by Jan. 30, 2008.The application seeks to get approval for a form of methylnaltrexone that is given under the skin to treat the constipation that results from taking opiate-based painkillersIn 2005, Wyeth and Progenics entered into an agreement to develop and sell methylnaltrexone. Under terms of the deal, Wyeth receives worldwide rights to methylnaltrexone, and Progenics retains an option to co-promote the product in the United States.Shares of Wyeth climbed 40 cents to $57.90 in midday trading. Progenics shares rose 22 cents, or 1 percent, to $21.49.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Wyeth files constipation drug in Europe 