Takaeda’s Omontys recalled in wake of serious reactions – 4502 & AFFY

Boston, MA 02/25/2013 (wallstreetpr) – Takeda Pharmaceutical Company Limited (TYO:4502) in conjunction with Affymax, Inc (NASDAQ:AFFY) have recalled all Omontys drug lots after various reports of “serious hypersensitive reactions”, some of which had proved to be fatal. Takeda Pharmaceutical Company Limited (TYO:4502), which is Asia largest drug manufacturer stated that patient safety is its topmost priority and that all lots of drugs had been immediately recalled after FDA directed it to do so. The drug had originally been approved by the U.S Food Drug Administration in March 2012. Fresenius Medical Care North America had begun using the drug in it pilot program and had noticed “infrequent reactions” in patents who had received the first dose of Omontys. The Takeda Pharmaceutical Company Limited (TYO:4502) stock which had initially been oversold and tripled to $19 million in Jan 2013 saw a 5.7 percent rebound soon after the test reports came in.

Lawsuits based on fatal medical reactions

Fatal reactions were observed in 0.02 percent of the 25,000 patients who had been administered the first dose of the intravenous injection. Medical intervention was necessitated in some cases while some other patients were required to be hospitalized. Subsequent dosage reports and patients who had completed their dialysis procedure were in the clear and there had been no complaints from those quarters. The fact that these reports have come on the heels of the patent-reversed Actos diabetic treatment drug manufactured by Takeda Pharmaceutical Company Limited (TYO:4502) have struck a hard blow to the company and its partner for Omontys, Affymax, Inc (NASDAQ:AFFY).

The latter drug is an erythropoiesis-stimulating agent used in the treatment of anemia, a condition that is common in chronic kidney disease adult patients and it helps in the formation of red blood cells. At the moment, Takeda Pharmaceutical Company Limited (TYO:4502) is facing over 3,000 lawsuits in connection with the Actos drug, all of which alleged that its potential cancer-causing effects were underplayed and overlooked by Takeda. 27% of the company’s revenue for the year upto March 2011 had been brought in by Actos and Takeda Pharmaceutical Company Limited (TYO:4502) had earned $4.5 billion from its sales. Eventually the drug was replaced by Nesina, post approval in the U.S just last month.

Shares of Takeda Pharmaceutical Company Limited (TYO:4502) went down by 0.21% to close at $4795.00

Shares of Affymax, Inc (NASDAQ:AFFY) were up by 2.80% to close at $16.52

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Published by Steve Hackney

Steve Hackney is a corporate finance professional with over 14 years of experience in cash management and investing. He earned a Bachelor of Science in Finance from Florida State University and holds a Certified Treasury Professional certification. Steve lives in Orlando, Florida with his family.