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Article: Cytogen Selling PSMA Joint Venture Share To Progenics.
- Article from:
- BIOWORLD Today
- Article date:
- November 3, 2009
CopyrightCOPYRIGHT 2009 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Senior Staff Writer
Seven years after forming a joint venture for cancer immunotherapies based on prostate specific membrane antigen, Cytogen Corp. agreed to sell its 50 percent ownership to partner Progenics Pharmaceuticals Inc. in a deal potentially worth more than $65 million.
The companies came together in June 1999 after Princeton, N.J.-based Cytogen acquired privately held Prostagen Inc., of Allendale, N.J., essentially regaining its rights to develop PSMA technology to treat prostate cancer.
The formation of the joint venture - called PSMA Development Co. LLC (PDC) - called for Progenics to fund the early preclinical work, and for the ...