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STATES</font></div>
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AND EXCHANGE COMMISSION</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington,
D.C. 20549</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FORM
8-K</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT
REPORT</font></div>
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to Section 13 or 15(d) of The Securities Exchange Act of 1934</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; 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 style="DISPLAY: inline; TEXT-DECORATION: underline"> October 16,
2008</font></font></div>
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Pharmaceuticals, Inc.</font></div>
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name of registrant as specified in its charter)</font></div>
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      No.)</font></div>
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      Road, Tarrytown, New York</font></font></div>
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      Code)</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt">Registrant's telephone number,
      including area code<font style="TEXT-DECORATION: underline">&#160;</font></font><font size="+0"><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">(914)
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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="DISPLAY: inline; FONT-STYLE: italic">see </font>General
Instruction A.2. below):</font></div>
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pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div>
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pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>
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      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Wingdings">o </font>Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</font></div>
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      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Wingdings">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 style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
1.01 Entry into a Material Definitive Agreement.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
October 16, 2008, Progenics Pharmaceuticals, Inc. and Ono Pharmaceutical Co.,
Ltd., Osaka, Japan entered an exclusive license agreement under which Ono
acquired the rights to RELISTOR&#174; (methylnaltrexone bromide) in Japan, where it
plans to develop and commercialize the drug for the treatment of opioid-induced
constipation.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under the
agreement, Ono is responsible for developing and commercializing subcutaneous
RELISTOR in Japan, including conducting the clinical development necessary to
support regulatory marketing approval.&#160;&#160;Progenics will receive a $15
million upfront payment from Ono, with up to an additional $20 million payable
upon achievement of development milestones.&#160;&#160;Further, Ono will pay to
Progenics royalties and commercialization milestones on sales by Ono of
subcutaneous RELISTOR in Japan.&#160;&#160;Ono also has the option to acquire
from Progenics the rights to develop and commercialize in Japan other
formulations of RELISTOR, including intravenous and oral forms, on terms to be
negotiated separately.&#160;&#160;Supervision of and consultation with respect
to Ono&#8217;s development and commercialization responsibilities will be carried out
by joint committees consisting of members from both Ono and
Progenics.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">RELISTOR
is being developed and commercialized in the rest of the world by Progenics and
Wyeth Pharmaceuticals, a division of Wyeth (NYSE:WYE).&#160;Progenics originally
licensed to Wyeth worldwide rights to RELISTOR under their 2005 Collaboration
Agreement. Wyeth elected, as it was entitled to do under that agreement, not to
develop RELISTOR in Japan.&#160;&#160;As a result, Japanese rights to all
formulations of RELISTOR previously granted to Wyeth were returned to Progenics
by Wyeth, and Progenics licensed those rights, as they relate to the
subcutaneous form of RELISTOR, to Ono. Wyeth retains its licensed rights for
RELISTOR elsewhere in the world. As a result of the return of the Japanese
rights, Progenics will not receive from Wyeth milestone payments that were to be
triggered by the development of RELISTOR formulations in Japan.&#160;&#160;These
potential milestones would have totaled $22.5 million (of which $7.5 million
related to the subcutaneous formulation of RELISTOR and the remainder to the
intravenous and oral formulations).&#160;&#160;Progenics now has the potential
to receive a total of $334 million in development and commercialization
milestone payments from Wyeth under the Collaboration Agreement, of which $39
million have been paid to date.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
license agreement between Progenics and Ono contains, among other terms,
provisions which allow termination by either party upon the occurrence of
certain events.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A copy of
Progenics&#8217; press release relating to the transaction is attached hereto as
Exhibit 99.1 and the information contained therein is incorporated by reference
into this Item 1.01 of this Current Report on Form 8-K.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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9.01&#160;&#160;&#160;Financial Statements and Exhibits.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)
Exhibits</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Exhibit
No.</font>&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Description</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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              <div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1&#160;&#160;</font></div>
            </td>
            <td width="909">
              <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">Press
      Release dated October 16, 2008.</font></div>
            </td>
          </tr>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><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; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 153pt; 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;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;PROGENICS
PHARMACEUTICALS, INC.</font></div>
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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;</font></font></div>
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McKinney</font></div>
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Vice President,</font></div>
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Treasurer</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt">Date:&#160;&#160;October 16,
2008</font>&#160;</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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form8_koct172008.htm
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)
October 16,
2008
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
October 16, 2008, Progenics Pharmaceuticals, Inc. and Ono Pharmaceutical Co.,
Ltd., Osaka, Japan entered an exclusive license agreement under which Ono
acquired the rights to RELISTOR® (methylnaltrexone bromide) in Japan, where it
plans to develop and commercialize the drug for the treatment of opioid-induced
constipation.
Under the
agreement, Ono is responsible for developing and commercializing subcutaneous
RELISTOR in Japan, including conducting the clinical development necessary to
support regulatory marketing approval.  Progenics will receive a $15
million upfront payment from Ono, with up to an additional $20 million payable
upon achievement of development milestones.  Further, Ono will pay to
Progenics royalties and commercialization milestones on sales by Ono of
subcutaneous RELISTOR in Japan.  Ono also has the option to acquire
from Progenics the rights to develop and commercialize in Japan other
formulations of RELISTOR, including intravenous and oral forms, on terms to be
negotiated separately.  Supervision of and consultation with respect
to Ono's development and commercialization responsibilities will be carried out
by joint committees consisting of members from both Ono and
Progenics.
RELISTOR
is being developed and commercialized in the rest of the world by Progenics and
Wyeth Pharmaceuticals, a division of Wyeth (NYSE:WYE). Progenics originally
licensed to Wyeth worldwide rights to RELISTOR under their 2005 Collaboration
Agreement. Wyeth elected, as it was entitled to do under that agreement, not to
develop RELISTOR in Japan.  As a result, Japanese rights to all
formulations of RELISTOR previously granted to Wyeth were returned to Progenics
by Wyeth, and Progenics licensed those rights, as they relate to the
subcutaneous form of RELISTOR, to Ono. Wyeth retains its licensed rights for
RELISTOR elsewhere in the world. As a result of the return of the Japanese
rights, Progenics will not receive from Wyeth milestone payments that were to be
triggered by the development of RELISTOR formulations in Japan.  These
potential milestones would have totaled $22.5 million (of which $7.5 million
related to the subcutaneous formulation of RELISTOR and the remainder to the
intravenous and oral formulations).  Progenics now has the potential
to receive a total of $334 million in development and commercialization
milestone payments from Wyeth under the Collaboration Agreement, of which $39
million have been paid to date.
The
license agreement between Progenics and Ono contains, among other terms,
provisions which allow termination by either party upon the occurrence of
certain events.
A copy of
Progenics' press release relating to the transaction is attached hereto as
Exhibit 99.1 and the information contained therein is incorporated by reference
into this Item 1.01 of this Current Report on Form 8-K.
Item
9.01   Financial Statements and Exhibits.
(d)
Exhibits
Exhibit
No.
Description
99.1
Press
      Release dated October 16, 2008.
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, Senior
Vice President,
Finance & Operations and
Treasurer
Date:  October 16,
2008