Takeda takes up option on Crohn's drug

Japanese drug major Takeda Pharmaceutical (TYO: 4502) has decided to exercise its option to include both Japan and Canada into the scope of its licensing agreement with Belgian biopharma company TiGenix (Euronext Brussels: TIG).

In July, Takeda acquired the exclusive right to develop and commercialize Cx601 for complex perianal fistulas in Crohn's patients outside of the USA, in a deal that involved an upfront payment of 25 million euros ($26 million). This decision entitles Takeda the right to move forward with these two countries. TiGenix shares edged up 1.74% to 0.76 euros by mid-morning trading,

"The decision by our partner Takeda, after its initial assessment of both the regulatory strategy and commercial potential of Cx601 in these two countries, is encouraging and comes at an opportune time for us as we are focused on further developing Cx601 for the USA and pursuing the marketing approval of Cx601 in Europe which we anticipate during 2017," said Eduardo Bravo, chief executive of TiGenix. "This is another excellent example of our partner's dedication to foster innovative research and drug development for patients where unmet medical needs exist. Once again, we are fortunate to have found such a partner for Cx601, and one that is clearly dedicated to the long term success of Cx601," concluded Mr Bravo.