Progenics maintained by Merrill at neutral

Progenics Pharmaceuticals Inc. was maintained by Merrill Lynch analyst David Munno at a neutral rating on news that the company entered into a license agreement with Wyeth for methylnaltrexone, gaining a large global partner. The company could receive up to $416.5 million in upfront payments and milestones. Deal is probably worth $241 million, Merrill said. Because Wyeth takes over development of methylnaltrexone, investor focus should shift to PRO 140 for HIV. Shares of the Tarrytown, N.Y., biopharmaceutical company were up $2.51, or 10.87%, at $25.60 on volume of 1,993,037 shares versus the three-month running average of 174,485 shares.

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