Salix Pharmaceuticals has brought another gastrointestinal product into its portfolio with a licensing agreement for Progenics Pharmaceutical’s constipation drug Relistor.
Morrisville, North Carolina-based Salix (NASDAQ:SLXP) is paying New Jersey company Progenics (NASDAQ:PGNX) $60 million up front to license the rights to Relistor, an injectable drug used to treat opioid-induced constipation. An oral formulation of the drug is currently in the late stages of development.
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Salix, which specializes in gastrointestinal treatments, could pay Progenics another $90 million if the company reaches certain regulatory milestones in the United States. Salix will fund development, registration and commercialization costs for Relistor in all markets except for Japan, where Ono Pharmaceuticals holds the license to develop and commercialize the drug. If Relistor finds success in other markets, Salix could pay Progenics up to $200 million in additional sales-based milestones.
Relistor is intended for patients who are using opioid pain medications. The drug counteracts the constipating effects of those opioid drugs without affecting their pain-relieving abilities. The drug was approved in the United States in 2008 and currently has approval in 50 countries worldwide. Worldwide sales of the drug totaled $16 million in 2010. An oral formulation of the drug is currently in phase 3 clinical trials to address opioid-induced constipation in patients with chronic, non-cancer pain.
