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Progenics (PGNX) Stock Soars as Relistor Receives FDA Approval

NEW YORK (TheStreet) -- Shares of Progenics Pharmaceuticals (PGNX) are up 26.27% to $6.24 on heavy trading volume Wednesday afternoon after announcing with Valeant (VRX) that their Relistor treatment for opioid-induced constipation received FDA approval.

An injectable form of the drug, developed by Progenics, was approved in 2008, according to the Wall Street Journal. Progenics then licensed Relistor rights in most markets to Salix Pharmaceuticals in 2011.

Salix was acquired by Valeant in 2015 for $11.1 billion.

Progenics previously announced that...