Takeda Pharmaceutical Co. said Tuesday it will move its research and development base from Osaka to the Chicago area as it seeks to release new products before the patent on its best-selling Actos diabetes drug expires.
The transfer of global development headquarter functions is expected be completed by July 1, Japan's biggest drugmaker said in a statement distributed on PRNewswire.
The move comes after the U.S. Food and Drug Administration said earlier this month Takeda's clinical data on alogliptin, the company's new diabetes drug, was "insufficient" and asked for more information. News of the possible delay sent Takeda stock down 13 percent on March 9.