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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">UNITED STATES</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">SECURITIES AND EXCHANGE COMMISSION</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Washington, D.C. 20549</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">FORM 8-K</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">CURRENT REPORT</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center">Date of Report (Date of earliest event reported)<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold">&#160;April 28, 2016</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Progenics Pharmaceuticals, Inc.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center">(Exact name of registrant as specified in its charter)</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Delaware</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">000-23143</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">13-3379479</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center">(State or other jurisdiction</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center">of incorporation)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center">(Commission</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center">File Number)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center">(IRS Employer</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center">Identification No.)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">777 Old Saw Mill River Road, Tarrytown, New York</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">10591</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center">(Address of principal executive offices)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center">Registrant's telephone number, including area code <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold">(914) 789-2800</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic">see </font>General Instruction A.2. below):</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o </font>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o </font>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Item 1.01.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Entry into a Material Definitive Agreement.</div>
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<div><font style="FONT-SIZE: 1px; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="FONT-SIZE: 1px; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="FONT-SIZE: 1px; LETTER-SPACING: 9pt">&#160;&#160;</font> </div>

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<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-TOP: 3pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 36pt">On April 28, 2016, a wholly-owned subsidiary of Progenics Pharmaceuticals, Inc. (the "Company"), PSMA Development Company LLC ("PSMA Development Company"), entered into an exclusive license agreement (the "Agreement") with Bayer AS ("Bayer"), a company organized under the Laws of Norway,&#160; for the development and commercialization of therapeutic products combining PSMA Development Company's prostate specific membrane antigen (PSMA) antibody technology with Bayer's targeted thorium conjugate technology.</div>
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<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-TOP: 3pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 36pt">Pursuant to the terms of the Agreement, in exchange for granting an exclusive worldwide license to Bayer to develop and commercialize such products,&#160; Progenics will receive an upfront payment of $4 million and could receive a total of up to an additional $49 million in potential clinical and regulatory development milestones. For products that are ultimately approved, Progenics is entitled to single digit royalties on Net Sales, and potential Net Sales milestone payments up to an aggregate total of $130 million.</div>
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<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-TOP: 3pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Either party may terminate the Agreement in the event of an uncured material breach or specified bankruptcy events.&#160; In addition, Bayer may terminate the agreement</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">in whole or in part on ninety (90) days' prior written notice to PSMA Development Company.&#160; The Agreement contains other customary terms and conditions for an agreement of this kind.&#160;</font></div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-TOP: 3pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 36pt">The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the Agreement, which is filed as Exhibit 10.1 hereto, and is incorporated herein by reference.</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; MARGIN-TOP: 3pt; LINE-HEIGHT: 11.4pt">Forward-Looking Statements</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-TOP: 3pt; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 36pt">This Current Report on Form 8-K contains forward-looking statements that are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements involve significant risks and uncertainties. These statements reflect the Company's current expectations concerning future events, and actual events could differ materially from those anticipated as a result of many factors. Additional information concerning these and other factors that may cause actual events to differ materially from those anticipated is contained in the "Risk Factors" section of the Company's Annual Report for the fiscal year ended December 31, 2015 on Form 10-K filed on March 11, 2016 and in&#160;its other periodic reports and filings with the SEC. Investors should not place undue reliance on forward-looking statements contained in this Current Report or elsewhere. All forward-looking statements are based on information currently available to the Company, and the Company undertakes no obligation to revise or update them to reflect events or circumstances after the date of this Current Report, except as required by law.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Item 9.01.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Financial Statements and Exhibits.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left">(d) Exhibits</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Description</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left"><a href="ex10_1.htm#Exhibit99.1">10.1*</a></div>
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<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 13.1pt"><a href="ex10_1.htm#Exhibit99.1">License Agreement, dated April 28, 2016, between PSMA Development Company LLC and Bayer AS.</a></div>
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<div style="FONT-SIZE: 8pt; LINE-HEIGHT: 0pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-WEIGHT: normal; COLOR: #0000ff; FONT-STYLE: normal">* </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000"><font style="FONT-FAMILY: 'Times New Roman', Times, serif">Confidential treatment requested as to portions of the exhibit. Confidential materials omitted and filed separately with the Securities and Exchange Commission.</font>&#160;</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center"><a name="p_"><!--Anchor--></a>SIGNATURES</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">PROGENICS PHARMACEUTICALS, INC.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">/s/ PATRICK FABBIO</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Patrick Fabbio</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">(Principal Financial and Accounting Officer)</div>
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
April 28, 2016
Progenics Pharmaceuticals, Inc.
(Exact name of registrant as specified in its charter)
Delaware
000-23143
13-3379479
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
777 Old Saw Mill River Road, Tarrytown, New York
10591
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code
(914) 789-2800
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (
see
General Instruction A.2. below):
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01.
Entry into a Material Definitive Agreement.
On April 28, 2016, a wholly-owned subsidiary of Progenics Pharmaceuticals, Inc. (the "Company"), PSMA Development Company LLC ("PSMA Development Company"), entered into an exclusive license agreement (the "Agreement") with Bayer AS ("Bayer"), a company organized under the Laws of Norway,  for the development and commercialization of therapeutic products combining PSMA Development Company's prostate specific membrane antigen (PSMA) antibody technology with Bayer's targeted thorium conjugate technology.
Pursuant to the terms of the Agreement, in exchange for granting an exclusive worldwide license to Bayer to develop and commercialize such products,  Progenics will receive an upfront payment of $4 million and could receive a total of up to an additional $49 million in potential clinical and regulatory development milestones. For products that are ultimately approved, Progenics is entitled to single digit royalties on Net Sales, and potential Net Sales milestone payments up to an aggregate total of $130 million.
Either party may terminate the Agreement in the event of an uncured material breach or specified bankruptcy events.  In addition, Bayer may terminate the agreement
in whole or in part on ninety (90) days' prior written notice to PSMA Development Company.  The Agreement contains other customary terms and conditions for an agreement of this kind.
The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the Agreement, which is filed as Exhibit 10.1 hereto, and is incorporated herein by reference.
Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements that are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements involve significant risks and uncertainties. These statements reflect the Company's current expectations concerning future events, and actual events could differ materially from those anticipated as a result of many factors. Additional information concerning these and other factors that may cause actual events to differ materially from those anticipated is contained in the "Risk Factors" section of the Company's Annual Report for the fiscal year ended December 31, 2015 on Form 10-K filed on March 11, 2016 and in its other periodic reports and filings with the SEC. Investors should not place undue reliance on forward-looking statements contained in this Current Report or elsewhere. All forward-looking statements are based on information currently available to the Company, and the Company undertakes no obligation to revise or update them to reflect events or circumstances after the date of this Current Report, except as required by law.
Item 9.01.
Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.
Description
10.1*
License Agreement, dated April 28, 2016, between PSMA Development Company LLC and Bayer AS.
*
Confidential treatment requested as to portions of the exhibit. Confidential materials omitted and filed separately with the Securities and Exchange Commission.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
PROGENICS PHARMACEUTICALS, INC.
By:
/s/ PATRICK FABBIO
Patrick Fabbio
Chief Financial Officer
(Principal Financial and Accounting Officer)
Date: May 4, 2016