Takeda Pharmaceutical is about to make history that it would prefer not to make. When it produces its quarterly report for the fiscal year that ended March 31, it is expected to post its first net loss since it first listed on the Tokyo Stock Exchange in 1949.
Takeda is preparing to pony up $2.3 billion to settle lawsuits accusing the Japanese pharma of hiding diabetes med Actos' cancer risks. But according to some experts, that's a steal.
Takeda lost its very first jury trial in 2013 over claims that it didn't sufficiently warn patients of the cancer risks of its diabetes drug Actos. Then it and Eli Lilly were hit with a breathtaking $9 billion verdict a year later. Now Takeda is looking to extricate itself from the more than 8,000 lawsuits in the U.S. with a $2.2 billion settlement.
Takeda Pharmaceutical has offered $2.2 billion to settle all U.S. claims linked to its diabetes drug Actos as it battles thousands of cases and stretches legal resources even with some verdicts favorable, a report said April 1.
Another jury in another U.S. trial over Takeda Pharmaceutical and its Actos (pioglitazone) diabetes drug has begun deliberating whether the drug was responsible for causing cancer. Lawyers for both sides completed closing arguments in the Pennsylvania trial.
Lawyers in another Actos failure-to-warn trial claimed the company put profits ahead of patient safety, by keeping mum on study data that flagged links between the diabetes drug and cancer.
Legal experts have insisted there is no way that a $9 billion punitive damage award against Takeda Pharmaceutical and Eli Lilly for hiding Actos risks can stand. But the two companies are still sweating that one out after a federal judge refused to throw out the verdict and its mammoth award on Thursday.
This week a German team presented data from a database analysis study that found a link between a diabetes drug and a slight dip in the risk of developing Alzheimer's.
On Thursday, Takeda Pharmaceutical fended off a lawsuit by two women ages, 80 and 81, who wanted $1 billion in actual damages, claiming they suffered bladder cancer as a result of taking the company's diabetes drug Actos.
In federal court in Las Vegas, a trial over the cancer risks of Takeda's Actos drug wrapped up Tuesday, leaving the jury to decide whether the diabetes remedy triggered the plaintiffs' disease--and if so, how much they should collect from the Japanese drugmaker.