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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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
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