Wyeth Says Strikes Development Deal With Progenics Pharmaceuticals, Inc.; Worth Up To $356.5 Million

MADISON, N.J. & TARRYTOWN, N.Y.--(BUSINESS WIRE)--Dec. 23, 2005--Wyeth Pharmaceuticals, a division of Wyeth (NYSE:WYE) and Progenics Pharmaceuticals, Inc. (Nasdaq: PGNX) today announced that they have entered into an exclusive, worldwide agreement for the joint development and commercialization of methylnaltrexone (MNTX) for the treatment of opioid-induced side effects, including constipation and post-operative bowel dysfunction. These medical conditions are major therapeutic challenges in the management of gastrointestinal function in individuals treated with opioids for pain or in patients following serious or prolonged surgeries.