Royalty Note$50 Million
Relistor® is approved by the FDA to treat opioid-induced constipation (“OIC"), a long-lasting and potentially debilitating side effect of opioid therapy for millions of patients suffering from chronic pain. Relistor is the only drug approved for OIC in both palliative care and non-cancer pain patients and the product is now approved in both subcutaneous and oral formulations.
Progenics opportunistically leveraged a non-core asset, Relistor, to bring in additional non-dilutive capital to fund its oncology pipeline. The royalty financing with HCR allowed the company to recognize the significant value of the Relistor franchise through a partial monetization, while retaining the longer-term, upside potential of the product.
Note: This transaction also appears in the Corporate Financing section under Progenics.