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Provider: Plunkett Research, Ltd.
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$199.0
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Provider: Plunkett Research, Ltd.
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$199.0
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Takeda drops application for diabetes drug in Europe
TOKYO, March 19 |
TOKYO, March 19 (Reuters) - Takeda Pharmaceutical (4502.T), Japan's No.1 drugmaker, said on Friday it has withdrawn its application for approval to market in Europe a new version of its combination treatment for type 2 diabetes.
Takeda said it will no longer develop the prolonged-release version of Competact in Europe, after authorities there said they were unlikely to approve the experimental drug due to a lack of data on its long-term effects.
The immediate-release version of Competact is already available in Europe, as well as in the United States under a different name, ACTOSplus met, while the prolonged release version has been approved in the United States, Takeda said.
The setback is another blow to Takeda which faces a major delay in the development timetable for its SYR-322 experimental diabetes drug, a potential successor to the original Actos, a blockbuster diabetes drug.
Takeda is looking to prevent a possible earnings slump after the U.S. patent for Actos expires in January 2011.
Shares of Takeda closed up 0.95 percent at 4,260 yen ahead of the announcement. (Reporting by Yumiko Nishitani; Editing by Joseph Radford)
