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April 28, 2013
13:54 EDTTKPYYTakeda responds to verdict in diabetes drug case
Takeda Pharmaceuticals announced that in the case of Jack Cooper et al. v. Takeda Pharmaceuticals America the jury found in favor of the plaintiffs and awarded a total of $6.5M in damages. Takeda has filed motions asking the judge to rule in favor of the company as a matter of law and is considering its options, including a possible appeal if the motions are denied. The trial began on February 19 in Los Angeles before Judge Kenneth R. Freeman. "Takeda respectfully disagrees with the jury's verdict," said Kenneth D. Greisman, senior vice president, general counsel and secretary, Takeda Pharmaceuticals U.S.A., "Takeda empathizes with patients like Mr. Cooper, but we believe the evidence did not support a finding that ACTOS caused his bladder cancer. We also believe we demonstrated that Takeda acted responsibly with regard to ACTOS. We promptly disclosed ACTOS safety data to the U.S. Food & Drug Administration and other regulatory authorities and provided updated product information to health care professionals and patients." The company is confident in the therapeutic benefits of ACTOS (pioglitazone HCl) and its importance as a treatment for type 2 diabetes.
News For TKPYY From The Last 14 Days
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April 16, 2014
10:34 EDTTKPYYApricus Biosciences reports Takeda accepts first shipment of Vitaros
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April 8, 2014
09:03 EDTTKPYYSeattle Genetics to receive milestone payments from Takeda on Adcetris
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08:39 EDTTKPYYTakeda to challenge award of $6B in punitive damages, Lilly ordered to pay $3B
Takeda Pharmaceuticals (TKPYY) announced last night that in the case of Terrence Allen, et al. v. Takeda Pharmaceuticals North America the jury found in favor of the plaintiffs and awarded $1.475M in compensatory damages. The allocation of liability was 75% Takeda and 25% Eli Lilly (LLY). The jury also awarded $6B in punitive damages from Takeda and $3B from co-defendant, Eli Lilly. “Takeda respectfully disagrees with the verdict and we intend to vigorously challenge this outcome through all available legal means, including possible post-trial motions and an appeal. We have empathy for the Allens, but we believe the evidence did not support a finding that ACTOS caused his bladder cancer. We also believe we demonstrated that Takeda acted responsibly with regard to ACTOS,” said Kenneth Greisman, senior vice president, general counsel, Takeda. Reference Link

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