Sumitomo Dainippon and Takeda terminate Latuda collaboration

Japanese drug majors Sumitomo Dainippon Pharma (TYO: 4506) and Takeda Pharmaceutical (TYO: 4502) say they are terminating their license agreement entered into in March 2011 for the joint development and exclusive commercialization in Europe of pharmaceutical products containing lurasidone hydrochloride (brand name Latuda), an atypical antipsychotic agent.

The companies are starting discussions in an effort to finalize and execute a mutual agreement establishing a transition plan for the orderly transfer of all development and commercialization rights and activities with respect to Latuda to Sumitomo Dainippon.

Takeda's right to develop and commercialize Latuda within 26 member states of the European Union (excluding the UK, where the drug is marketed by Sumitomo Dainippon’s subsidiary Sunovion), Switzerland, Norway, Turkey and Russia, will transfer back to Sumitomo Dainippon upon the effective date of the termination.