Takeda is settling the score with two plaintiffs over allegedly hiding cancer risks linked to its diabetes drug Actos, almost a month after the company announced that it would complete a settlement program that would resolve most of its pending litigation for similar claims over the med.
A month ago it appeared like Takeda might not get enough takers to move forward with its sweeping $2.3 billion offer to settle thousands of claims over the cancer risks of diabetes drug Actos. But over the weekend, the Japanese drugmaker said it had raised the offer by $100 million if certain conditions are hit and now has enough on board to trigger the $2.3 billion settlement.
Japan's Takeda Pharmaceutical has crossed a threshold for the settlement of thousands of lawsuits tied to bladder cancer risks from its diabetes drug Actos, triggering a payment of more than $2 billion, the company said in a release.
Takeda's new CEO, Christophe Weber, thought the Japanese drugmaker had freed itself of the drag from thousands of lawsuits tied to cancer risks from its diabetes drug Actos with a $2.37 billion settlement offer made in April. But despite an average promised payout of $250,000, many plaintiffs have not signed on, perhaps because the rewards of suing seem so much more enticing.
Japan's Takeda Pharmaceutical has submitted a second post-marketing study to regulators in the United States, Europe and Japan that it says shows no increased risk of bladder cancer in patients treated with Actos (pioglitazone) in a key milestone following its April decision to settle thousands of lawsuits related to the diabetes drug.
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.