Takeda to cease anti-diabetes compound research

Takeda Pharmaceutical, one of the leading diabetes drug companies in Japa, revealed on Thursday that they would cease developing one of their anti-diabetes compounds.
The company cited several reasons for the U-turn, including fears of the safety of the agent and concerns over its efficacy when compared to other existing drugs. The agent, known as TAK-654, had reached phase 2 clinical development in Japa, Europe and the US.
Takeda released a written statement explaining their decision: “Based on the thorough review of the pre-clinical and clinical data obtained to date, Takeda concluded that the TAK-654 does not show enough safety and efficacy profile, as compared to existing drugs, to support continuation of further development activities .”
The move by Takeda is likely to cost the company considerable amounts. When potential blockbuster drugs fail, the cost of the development can run far into the millions, both in money already expended and lost revenue from potential sales .
In other news, Takeda said that they would buy back a small percentage of its total issued common shares .