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In its Q1 earnings release, Takeda Pharmaceutical Co Ltd (NYSE:TAK) said it agreed to discontinue further development of TAK-954 for post-operative gastrointestinal dysfunction and the parties' collaboration agreement with Theravance Biopharma Inc (NASDAQ:TBPH).
Takeda has discontinued 13 clinical-stage programs and discovery and pre-clinical efforts in adeno-associated virus (AAV) gene therapy.
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Also Read: Takeda's FY22 Net Profit Jumps 38%, But Expects Lower FY23 Revenues.
The companies entered into the agreement in June 2016, in which Theravance Biopharma received an upfront cash payment of $15 million and was eligible to receive $110 million in milestone payments.
The investigational drug did not meet its endpoints in the Phase 2b study.
Takeda also cut sibofimloc, a small molecule for Crohn's disease (post-operative and ileal-dominant), after the Phase 2a study did not meet its endpoints.
From Phase 3, Takeda cut trials on four drugs already approved in other indications, namely the cancer drugs Ninlaro (ixazomib), Zejula (Niraparib), antiviral Livtencity (maribavir)and Takhzyro (lanadelumab), a hereditary angioedema drug.
Price Action: TAK shares are down 5.15% at $16.11, and TBPH shares are down 4.27% at $10.98 on the last check Thursday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.