Sucampo Pharmaceuticals, Inc. Falls After Failing to End Drug Deal With Takeda Pharmaceutical Co. Ltd. (TKDG.DE)
7/9/2012 6:42:33 AM
Sucampo Pharmaceuticals Inc. (SCMP), the maker of the constipation drug Amitiza, dropped the most in about 3 1/2 years after losing a bid in arbitration to sever ties with marketing partner Takeda Pharmaceutical Co. (4502) Sucampo fell 25 percent to $5.23 at the close of trading, the biggest decline for the Bethesda, Maryland-based company since Dec. 1, 2008. The 2004 agreement with Osaka, Japan-based Takeda for marketing Amitiza will have to remain in place until October 2020, Sucampo said today in a statement, citing a decision by the International Chamber of Commerce, a private arbitrator. Sucampo had sought to end the partnership early because Takeda breached the agreement by not maximizing U.S. sales of Amitiza, Kari Watson, a spokeswoman for Sucampo, said in an e-mail.