Japanese drug giant Takeda Pharmaceutical said Tuesday it would fight a huge $6 billion damages order following a U.S. trial over the safety of its Actos diabetes medicine.
The company said it “respectfully disagrees” with the judgement awarded by a jury in the southern state of Louisiana on Monday, which also ordered the firm’s co-defendant US drugs firm Eli Lilly to pay $3.0 billion in damages.
Investors dumped the Japanese firm’s Tokyo-listed shares which fell 5.05% to 4,577 yen on Tuesday.
The issue at the trial, which began in February, was whether the drug could be blamed for bladder cancer in a plaintiff who was taking the medicine, and whether the firm knew about those risks, with other U.S. cases still pending.
“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,” Kenneth Greisman, senior vice president and general counsel for Takeda’s U.S. unit, said in a statement.
“We believe the evidence did not support a finding that Actos caused (the plaintiff’s) bladder cancer. We also believe we demonstrated that Takeda acted responsibly with regard to Actos.”
While Takeda rings up about half its sales in Japan, North America and Europe are also major markets.
Eli Lilly had partnered with Takeda to help market the drug in the United States.
(c) 2014 AFP