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      Progenics Form 8-K December 2005 Wyeth URL Unregistered Shares
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        AND EXCHANGE COMMISSION</strong></font></div>
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        D.C. 20549</strong></font></div>
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        8-K</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CURRENT
        REPORT</strong></font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Pursuant
        to Section 13 or 15(d) of the Securities Exchange Act of
        1934</strong></font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
        of
        Report (Date of earliest event reported) </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>December
        22, 2005</u></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Progenics
        Pharmaceuticals, Inc.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
        name of registrant as specified in its charter)</font></div>
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              </td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>000-23143</strong></font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(State
                  or other jurisdiction</font></div>
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                  incorporation)</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">File
                  Number)</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(IRS
                  Employer</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Identification
                  No.)</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>777
                  Old Saw Mill River Road, Tarrytown, New York</u></font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>10591</u></font></div>
              </td>
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              <td colspan="3" valign="top" width="49%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
                  of principal executive offices)</font></div>
              </td>
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                  Code)</font></div>
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              <td colspan="5" valign="top" width="72%" style="border-bottom: #ffffff thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
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                  telephone number, including area code </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>(914)
                  789-2800</u></font></div>
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        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><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>see
        </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">General
        Instruction A.2. below): </font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">o
</font>Written
        communications
        pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </font></div>
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</font>Soliciting
        material
        pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">&#160;o
</font>Pre-commencement
        communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
        240.14d-2(b)) </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">&#160;o
</font>Pre-commencement
        communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
        240.13e-4(c)) </font></div>
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      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        1.01 Entry into a Material Definitive Agreement</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;
&#160;</font>On
        December 23, 2005,
        Progenics Pharmaceuticals, Inc. and Progenics Pharmaceuticals Nevada, Inc.,
        its
        wholly-owned subsidiary, (&#8220;Progenics&#8221;) entered into an exclusive, worldwide
        License and Co-Development Agreement (the &#8220;Wyeth Agreement&#8221;) with Wyeth
        Pharmaceuticals, a division of Wyeth, and certain affiliates of Wyeth (&#8220;Wyeth&#8221;)
        for the joint development and commercialization of methylnaltrexone (&#8220;MNTX&#8221;) for
        the treatment of opioid-induced side effects, including constipation and
        post-operative bowel dysfunction. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -0.2pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under
        the
        terms of the Wyeth Agreement, Wyeth receives worldwide rights to MNTX, and
        Progenics retains an option to co-promote the product in the United States.
        The
        companies will collaborate on the worldwide development of MNTX. The transaction
        includes an upfront payment of $60 million to Progenics with as much as an
        additional $356.5 million payable upon achievement of certain milestones.
        Wyeth
        will pay Progenics royalties on worldwide sales of MNTX and co-promotion
        fees
        within the United States. Additionally, Wyeth is responsible for all future
        development and commercialization costs of MNTX.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -0.2pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Wyeth
        Agreement includes three dosage forms, each of which is tailored to address
        the
        needs of specific clinical applications based on onset of action, predictability
        of response, dosing flexibility and ease of use. The three MNTX product
        candidates are: </font></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

            <tr valign="top" style="line-height: 1.25;">
              <td align="right" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Subcutaneous
                  injection for the treatment of intractable constipation in patients
                  with
                  advanced medical illness (&#8220;AMI&#8221;), including cancer and
                  AIDS;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top" style="line-height: 1.25;">
              <td align="right" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Intravenous
                  infusion for the treatment of patients with gastrointestinal tract
                  and
                  urinary dysfunction that commonly occurs after major abdominal
                  and
                  prolonged surgeries; and</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top" style="line-height: 1.25;">
              <td align="right" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Oral
                  formulation for the treatment of opioid-induced constipation in
                  patients
                  with chronic pain, including those suffering from headaches, joint
                  pain,
                  lower-back pain, sickle-cell disease, muscle pain and other disorders
                  requiring opioid analgesics.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -0.2pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -0.2pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under
        the
        terms of the Wyeth Agreement, Wyeth will develop oral MNTX worldwide. Progenics
        will lead the U.S. development of subcutaneous and intravenous MNTX, while
        Wyeth
        will lead development of these parenteral products outside the U.S. Wyeth
        and
        Progenics will pursue an integrated strategy to optimize worldwide development,
        regulatory approval, and commercial launch of the three MNTX products, which
        may
        impact timelines previously disclosed by Progenics. Decisions regarding the
        timelines for development of the three MNTX products will be made by the
        Joint
        Development Committee, consisting of members from both Wyeth and
        Progenics.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -0.2pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -0.2pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Wyeth
        Agreement contains&#160;provisions, which allow termination by either party upon
        the occurrence of certain events.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div>&#160;</div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">2</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
          2.01 Completion of Acquisition or Disposition of Assets</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
          December 22, 2005, Progenics Pharmaceuticals, Inc. (&#8220;Progenics&#8221; or the
&#8220;Company&#8221;) and its wholly-owned subsidiary, Progenics Pharmaceuticals Nevada,
          Inc. (&#8220;Progenics Nevada&#8221;), acquired certain rights for its lead investigational
          drug, methylnaltrexone (&#8220;MNTX&#8221;), from several of its licensors.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
          2001,
          Progenics entered into an exclusive sub-license agreement with UR Labs,
          Inc.
          (&#8220;URL&#8221;) to develop and commercialize MNTX (the &#8220;MNTX Sub-license&#8221;), which
          conferred on URL the rights to future payments resulting from development
          of
          MNTX under the MNTX Sublicense. In 1989, URL obtained an exclusive license
          to
          MNTX, as amended, from the University of Chicago (&#8220;UC&#8221;) under an Option and
          License Agreement dated May 8, 1985, as amended (the &#8220;URL-Chicago License&#8221;). In
          2001, URL also entered into an agreement with certain heirs of Dr. Leon
          Goldberg
          (the &#8220;Goldberg Distributees&#8221;), which provided them with the right to receive
          payments based upon revenues received by URL from the development of the
          MNTX
          Sub-license (the &#8220;URL-Goldberg Agreement&#8221;). </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
          December 22, 2005, Progenics and Progenics Nevada entered into an Agreement
          and
          Plan of Reorganization (the &#8220;Purchase Agreement&#8221;) by and among Progenics
          Pharmaceuticals, Inc., Progenics Pharmaceuticals Nevada, Inc., UR Labs,
          Inc. and
          the shareholders of UR Labs, Inc. (the &#8220;URL Shareholders&#8221;), under which
          Progenics Nevada acquired substantially all of the assets and assumed certain
          of
          the liabilities of URL, comprised of its rights and liabilities&#160;under the
          URL-Chicago License, the MNTX Sub-license and the URL-Goldberg Agreement.
          Those
          transactions&#160;extinguished Progenics&#8217; obligation to make royalty and other
          payments to URL and obligated Progenics to continue to make such payments
          to UC
          under the URL-Chicago License.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
          December 22, 2005, Progenics and Progenics Nevada entered into an Assignment
          and
          Assumption Agreement with the Goldberg Distributees, under which Progenics
          Nevada assumed all rights and obligations of the Goldberg Distributees
          under the
          URL-Goldberg Agreement, thereby extinguishing URL&#8217;s (and consequentially,
          Progenics Nevada&#8217;s) obligations to make payments to the Goldberg
          Distributees.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
          consideration for the assignment of the Goldberg Distributees&#8217; rights and of the
          acquisition of the assets of URL described above, Progenics issued, on
          December
          22, 2005, a total of 686,000 shares of its common stock and paid a total
          of
          $2,604,900 in cash (representing the opening market value, $22.85 per share,
          of
          114,000 shares of Progenics&#8217; common stock on the date of the acquisition) to the
          URL Shareholders and the Goldberg Distributees. </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          foregoing description of the Purchase Agreement is not complete and is
          qualified
          in its entirety by reference to the Purchase Agreement, which is filed
          as
          Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by
          reference. The Company agrees to furnish supplementally a copy of any omitted
          schedule to the Commission upon request. </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">3</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item.
            3.02 Unregistered Sales of Equity Securities</strong></font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
            December 22, 2005, Progenics Pharmaceuticals, Inc. (&#8220;Progenics&#8221;) issued a total
            of 686,000 unregistered shares of its common stock (the &#8220;Offering&#8221;) and paid a
            total of approximately $2.6 million in cash to several of its licensors
            in
            exchange for certain rights held by those licensors&#160;with respect
            to&#160;its lead investigational drug, methylnaltrexone (&#8220;MNTX&#8221;). </font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
              2001,
              Progenics entered into an exclusive sub-license agreement with UR Labs,
              Inc.
              (&#8220;URL&#8221;) to develop and commercialize MNTX (the &#8220;MNTX Sub-license&#8221;), which
              conferred on URL the rights to future payments resulting from development
              of
              MNTX under the MNTX Sublicense. In 1989, URL obtained an exclusive
              license to
              MNTX, as amended, from the University of Chicago (&#8220;UC&#8221;) under an Option and
              License Agreement dated May 8, 1985, as amended (the &#8220;URL-Chicago License&#8221;). In
              2001, URL also entered into an agreement with certain heirs of Dr.
              Leon Goldberg
              (the &#8220;Goldberg Distributees&#8221;), which provided them with the right to receive
              payments based upon revenues received by URL from the development of
              the MNTX
              Sub-license (the &#8220;URL-Goldberg Agreement&#8221;). </font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
              December 22, 2005, Progenics and Progenics Nevada entered into an Agreement
              and
              Plan of Reorganization (the &#8220;Purchase Agreement&#8221;) by and among Progenics
              Pharmaceuticals, Inc., Progenics Pharmaceuticals Nevada, Inc., UR Labs,
              Inc. and
              the shareholders of UR Labs, Inc. (the &#8220;URL Shareholders&#8221;), under which
              Progenics Nevada acquired substantially all of the assets and assumed
              certain of
              the liabilities of URL, comprised of its rights and liabilities&#160;under the
              URL-Chicago License, the MNTX Sub-license and the URL-Goldberg Agreement.
              Those
              transactions&#160;extinguished Progenics&#8217; obligation to make royalty and other
              payments to URL and obligated Progenics to continue to make such payments
              to UC
              under the URL-Chicago License.</font></div>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
            December 22, 2005, Progenics and Progenics Nevada entered into an Assignment
            and
            Assumption Agreement with the Goldberg Distributees, under which Progenics
            Nevada assumed all rights and obligations of the Goldberg Distributees
            under the
            URL-Goldberg Agreement, thereby extinguishing URL&#8217;s (and consequentially,
            Progenics Nevada&#8217;s) obligations to make payments to the Goldberg
            Distributees.</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
            conducted this Offering in accordance with the private placement exemption
            set
            forth in Rule 506 of Regulation D under Section 4(2) of the Securities
            Act of
            1933. The Offering was conducted without general solicitation or advertising.
            The securities are non-transferable in the absence of an effective registration
            statement under the Act or an available exemption therefrom, and all
            certificates are imprinted with a restrictive legend to that effect.
            Each
            investor represented that each is an &#8220;accredited investor&#8221; under Rule 501(e) of
            Regulation&#160;D under the Securities Act of 1933. </font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
          <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
            <div id="FTR">
              <div id="GLFTR" style="WIDTH: 100%" align="left">
              </div>
            </div>
            <div id="PN" style="PAGE-BREAK-AFTER: always">
              <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">4</font></div>
              <div style="WIDTH: 100%; TEXT-ALIGN: center">
                <hr style="COLOR: black" noshade size="2">
              </div>
            </div>
            <div id="HDR">
              <div id="GLHDR" style="WIDTH: 100%" align="right">
              </div>
            </div>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        9.01&#160;&#160;&#160;Financial Statements and Exhibits.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)
        Exhibits </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Exhibit
        No.</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Description</u></strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br>
        <div>
          <table border="1" cellpadding="0" cellspacing="0" width="100%">

              <tr>
                <td align="left" valign="top" width="7%" style="border-bottom: #ffffff thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.1</font></div>
                </td>
                <td align="left" valign="top" width="67%" style="border-bottom: #ffffff thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Agreement
                    and Plan of Reorganization by and among Progenics Pharmaceuticals,
                    Inc.,
                    Progenics Pharmaceuticals Nevada, Inc., UR Labs, Inc. and Shareholders
                    of
                    UR Labs, Inc., dated as of December 22,
                    2005.</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">5</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><a name="p_"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURES</strong></font></a></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 153pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PROGENICS
        PHARMACEUTICALS, INC.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 189pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>&#160;&#160;/s/
        ROBERT A.
        MCKINNEY&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 189pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Robert
        A.
        McKinney</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 189pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Chief
        Financial Officer, Vice President,</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 189pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Finance
        and
        Operations and Treasurer</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:
        December 28, 2005</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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Progenics Form 8-K December 2005 Wyeth URL Unregistered Shares
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)
December
        22, 2005
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
        December 23, 2005,
        Progenics Pharmaceuticals, Inc. and Progenics Pharmaceuticals Nevada, Inc.,
        its
        wholly-owned subsidiary, ("Progenics") entered into an exclusive, worldwide
        License and Co-Development Agreement (the "Wyeth Agreement") with Wyeth
        Pharmaceuticals, a division of Wyeth, and certain affiliates of Wyeth ("Wyeth")
        for the joint development and commercialization of methylnaltrexone ("MNTX") for
        the treatment of opioid-induced side effects, including constipation and
        post-operative bowel dysfunction.
Under
        the
        terms of the Wyeth Agreement, Wyeth receives worldwide rights to MNTX, and
        Progenics retains an option to co-promote the product in the United States.
        The
        companies will collaborate on the worldwide development of MNTX. The transaction
        includes an upfront payment of $60 million to Progenics with as much as an
        additional $356.5 million payable upon achievement of certain milestones.
        Wyeth
        will pay Progenics royalties on worldwide sales of MNTX and co-promotion
        fees
        within the United States. Additionally, Wyeth is responsible for all future
        development and commercialization costs of MNTX.
The
        Wyeth
        Agreement includes three dosage forms, each of which is tailored to address
        the
        needs of specific clinical applications based on onset of action, predictability
        of response, dosing flexibility and ease of use. The three MNTX product
        candidates are:
·
Subcutaneous
                  injection for the treatment of intractable constipation in patients
                  with
                  advanced medical illness ("AMI"), including cancer and
                  AIDS;
·
Intravenous
                  infusion for the treatment of patients with gastrointestinal tract
                  and
                  urinary dysfunction that commonly occurs after major abdominal
                  and
                  prolonged surgeries; and
·
Oral
                  formulation for the treatment of opioid-induced constipation in
                  patients
                  with chronic pain, including those suffering from headaches, joint
                  pain,
                  lower-back pain, sickle-cell disease, muscle pain and other disorders
                  requiring opioid analgesics.
Under
        the
        terms of the Wyeth Agreement, Wyeth will develop oral MNTX worldwide. Progenics
        will lead the U.S. development of subcutaneous and intravenous MNTX, while
        Wyeth
        will lead development of these parenteral products outside the U.S. Wyeth
        and
        Progenics will pursue an integrated strategy to optimize worldwide development,
        regulatory approval, and commercial launch of the three MNTX products, which
        may
        impact timelines previously disclosed by Progenics. Decisions regarding the
        timelines for development of the three MNTX products will be made by the
        Joint
        Development Committee, consisting of members from both Wyeth and
        Progenics.
The
        Wyeth
        Agreement contains provisions, which allow termination by either party upon
        the occurrence of certain events.
2
Item
          2.01 Completion of Acquisition or Disposition of Assets
On
          December 22, 2005, Progenics Pharmaceuticals, Inc. ("Progenics" or the
"Company") and its wholly-owned subsidiary, Progenics Pharmaceuticals Nevada,
          Inc. ("Progenics Nevada"), acquired certain rights for its lead investigational
          drug, methylnaltrexone ("MNTX"), from several of its licensors.
In
          2001,
          Progenics entered into an exclusive sub-license agreement with UR Labs,
          Inc.
          ("URL") to develop and commercialize MNTX (the "MNTX Sub-license"), which
          conferred on URL the rights to future payments resulting from development
          of
          MNTX under the MNTX Sublicense. In 1989, URL obtained an exclusive license
          to
          MNTX, as amended, from the University of Chicago ("UC") under an Option and
          License Agreement dated May 8, 1985, as amended (the "URL-Chicago License"). In
          2001, URL also entered into an agreement with certain heirs of Dr. Leon
          Goldberg
          (the "Goldberg Distributees"), which provided them with the right to receive
          payments based upon revenues received by URL from the development of the
          MNTX
          Sub-license (the "URL-Goldberg Agreement").
On
          December 22, 2005, Progenics and Progenics Nevada entered into an Agreement
          and
          Plan of Reorganization (the "Purchase Agreement") by and among Progenics
          Pharmaceuticals, Inc., Progenics Pharmaceuticals Nevada, Inc., UR Labs,
          Inc. and
          the shareholders of UR Labs, Inc. (the "URL Shareholders"), under which
          Progenics Nevada acquired substantially all of the assets and assumed certain
          of
          the liabilities of URL, comprised of its rights and liabilities under the
          URL-Chicago License, the MNTX Sub-license and the URL-Goldberg Agreement.
          Those
          transactions extinguished Progenics' obligation to make royalty and other
          payments to URL and obligated Progenics to continue to make such payments
          to UC
          under the URL-Chicago License.
On
          December 22, 2005, Progenics and Progenics Nevada entered into an Assignment
          and
          Assumption Agreement with the Goldberg Distributees, under which Progenics
          Nevada assumed all rights and obligations of the Goldberg Distributees
          under the
          URL-Goldberg Agreement, thereby extinguishing URL's (and consequentially,
          Progenics Nevada's) obligations to make payments to the Goldberg
          Distributees.
In
          consideration for the assignment of the Goldberg Distributees' rights and of the
          acquisition of the assets of URL described above, Progenics issued, on
          December
          22, 2005, a total of 686,000 shares of its common stock and paid a total
          of
          $2,604,900 in cash (representing the opening market value, $22.85 per share,
          of
          114,000 shares of Progenics' common stock on the date of the acquisition) to the
          URL Shareholders and the Goldberg Distributees.
The
          foregoing description of the Purchase Agreement is not complete and is
          qualified
          in its entirety by reference to the Purchase Agreement, which is filed
          as
          Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by
          reference. The Company agrees to furnish supplementally a copy of any omitted
          schedule to the Commission upon request.
3
Item.
            3.02 Unregistered Sales of Equity Securities
On
            December 22, 2005, Progenics Pharmaceuticals, Inc. ("Progenics") issued a total
            of 686,000 unregistered shares of its common stock (the "Offering") and paid a
            total of approximately $2.6 million in cash to several of its licensors
            in
            exchange for certain rights held by those licensors with respect
            to its lead investigational drug, methylnaltrexone ("MNTX").
In
              2001,
              Progenics entered into an exclusive sub-license agreement with UR Labs,
              Inc.
              ("URL") to develop and commercialize MNTX (the "MNTX Sub-license"), which
              conferred on URL the rights to future payments resulting from development
              of
              MNTX under the MNTX Sublicense. In 1989, URL obtained an exclusive
              license to
              MNTX, as amended, from the University of Chicago ("UC") under an Option and
              License Agreement dated May 8, 1985, as amended (the "URL-Chicago License"). In
              2001, URL also entered into an agreement with certain heirs of Dr.
              Leon Goldberg
              (the "Goldberg Distributees"), which provided them with the right to receive
              payments based upon revenues received by URL from the development of
              the MNTX
              Sub-license (the "URL-Goldberg Agreement").
On
              December 22, 2005, Progenics and Progenics Nevada entered into an Agreement
              and
              Plan of Reorganization (the "Purchase Agreement") by and among Progenics
              Pharmaceuticals, Inc., Progenics Pharmaceuticals Nevada, Inc., UR Labs,
              Inc. and
              the shareholders of UR Labs, Inc. (the "URL Shareholders"), under which
              Progenics Nevada acquired substantially all of the assets and assumed
              certain of
              the liabilities of URL, comprised of its rights and liabilities under the
              URL-Chicago License, the MNTX Sub-license and the URL-Goldberg Agreement.
              Those
              transactions extinguished Progenics' obligation to make royalty and other
              payments to URL and obligated Progenics to continue to make such payments
              to UC
              under the URL-Chicago License.
On
            December 22, 2005, Progenics and Progenics Nevada entered into an Assignment
            and
            Assumption Agreement with the Goldberg Distributees, under which Progenics
            Nevada assumed all rights and obligations of the Goldberg Distributees
            under the
            URL-Goldberg Agreement, thereby extinguishing URL's (and consequentially,
            Progenics Nevada's) obligations to make payments to the Goldberg
            Distributees.
We
            conducted this Offering in accordance with the private placement exemption
            set
            forth in Rule 506 of Regulation D under Section 4(2) of the Securities
            Act of
            1933. The Offering was conducted without general solicitation or advertising.
            The securities are non-transferable in the absence of an effective registration
            statement under the Act or an available exemption therefrom, and all
            certificates are imprinted with a restrictive legend to that effect.
            Each
            investor represented that each is an "accredited investor" under Rule 501(e) of
            Regulation D under the Securities Act of 1933.
4
Item
        9.01   Financial Statements and Exhibits.
(c)
        Exhibits
Exhibit
        No.
Description
10.1
Agreement
                    and Plan of Reorganization by and among Progenics Pharmaceuticals,
                    Inc.,
                    Progenics Pharmaceuticals Nevada, Inc., UR Labs, Inc. and Shareholders
                    of
                    UR Labs, Inc., dated as of December 22,
                    2005.
5
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/
        ROBERT A.
        MCKINNEY
Robert
        A.
        McKinney
Chief
        Financial Officer, Vice President,
Finance
        and
        Operations and Treasurer
Date:
        December 28, 2005