UPDATE 1-Wyeth, Progenics bowel drug wins EU approval

(New throughout; adds NEW YORK dateline)

NEW YORK, July 3 (Reuters) - Wyeth (WYE.N) and Progenics Pharmaceuticals Inc (PGNX.O) won European approval for Relistor, a drug used to treat constipation that occurs with the use of opioid painkillers, like morphine, the companies said on Thursday.

The drug will be rolled out commercially on a country-by-country basis, the companies said, with the first launch occurring later this month.

The European Commission's approval comes two months after the drug, known generically as methylnaltrexone bromide, was approved by the U.S. Food and Drug Administration in late April.

Wyeth has forecast that peak annual sales of the drug could eventually exceed $1 billion.

Relistor is used to treat bowel problems related to using opioids, pain-relief drugs often prescribed to patients with late-stage, advanced illness such as Alzheimer's disease with dementia or HIV/AIDS.

The drug is given by injection under the skin every other day. Oral and other forms of the drug are currently being developed.

Wyeth's shares rose 55 cents or 1.2 percent Thursday to $46.99. Progenics shares fell 32 cents or 2.1 percent to $14.82 on Nasdaq. (Reporting by Deepa Seetharaman, editing by Gerald E. McCormick)