FDA's oral Relistor approval triggers Progenics milestone

Progenics Pharmaceuticals Inc. (NASDAQ:PGNX) gained $1.20 (24%) to $6.14 on Wednesday after it and partner Valeant Pharmaceuticals International Inc. (TSX:VRX; NYSE:VRX) said FDA approved oral Relistor methylnaltrexone ( MOA-728) to treat opioid-induced constipation (OIC) in adults with chronic non-cancer pain. The approval triggers a $50 million milestone payment from Valeant to Progenics, which also is eligible for sales milestones and royalties.

Valeant expects to launch oral Relistor this quarter. The company declined to disclose the drug's price. ...