The group’s deal with Sosei will see it compete with Karuna and Cerevel.
A big selloff on a mid-stage stumble seems harsh, but Takeda has problems on the horizon.
Since 2016 drug developers have spent $23.6bn in-licensing cancer projects, almost half of the sector’s up-front bill.
The company hopes that its novel approach in Friedreich’s ataxia could still have legs, but other assets are further ahead.
Prilenia’s pridopidine is the last big late-stage hope in the disorder, but it already failed phase 2, and phase 3 under the name Huntexil.
The failure of Roche and Ionis’s late-stage candidate tominersen casts doubt on Wave’s approach, too.
Sage gets a big endorsement for zuranolone, but the markets say it should have waited until it had a stronger negotiating position.