Takeda's Crohn's Disease Fistulas Candidates Fall Short In Mid-Stage Study, Settles Tax Dispute With Irish Revenue Commissioners
Portfolio Pulse from Vandana Singh
Takeda Pharmaceutical's (TAK) Phase 3 ADMIRE-CD II study for Alofisel, a treatment for complex Crohn's Perianal Fistulas, did not meet its primary endpoint. The company also settled a tax dispute with the Irish Revenue Commissioners related to a break fee received by Shire plc from AbbVie (ABBV) in 2014. Takeda's shares fell 1.47% in premarket trading.
October 18, 2023 | 12:25 pm
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NEUTRAL IMPACT
AbbVie is mentioned in relation to a break fee it paid to Shire plc in 2014, which has been the subject of a tax dispute between Takeda and the Irish Revenue Commissioners.
AbbVie is mentioned in the context of a past transaction with Shire plc, which is now part of Takeda. The settlement of the tax dispute does not directly impact AbbVie.
CONFIDENCE 90
IMPORTANCE 20
RELEVANCE 20
NEGATIVE IMPACT
Takeda's Alofisel failed to meet its primary endpoint in a Phase 3 study, and the company settled a tax dispute with the Irish Revenue Commissioners. Takeda's shares fell 1.47% in premarket trading.
The failure of the Phase 3 study for Alofisel is a setback for Takeda, potentially impacting future revenues. The settlement of the tax dispute removes a potential liability, but the overall news is negative, hence the drop in share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100