Takeda drops a $750M schizophrenia drug pact with Intra-Cellular

More than three years after inking a $750 million pact to develop Intra-Cellular's PDE1 inhibitors for cognitive impairment caused by schizophrenia, Takeda is out. According to the New York-based Intra-Cellular ($ITCI), the pact was terminated by mutual consent. Now the biotech says it will proceed with the work alone. The company's shares are down about 4% this morning. "We are grateful for Takeda's substantial efforts in advancing this program into clinical development," said Dr. Sharon Mates, chairman and CEO of Intra-Cellular Therapies. "This provides us with the opportunity to unify our PDE1 platform and we look forward to continuing the development of ITI-214 and our other PDE1 inhibitors. Release