UPDATE 2-Takeda shares hurt by diabetes drug U.S. setback
* Stock ends 2.4 pct lower, underperforms rivals
* Daiwa says may downgrade earnings projections (Adds analyst quote in last paragraph, updates share price)
TOKYO, June 29 (Reuters) - Shares of Takeda Pharmaceutical (4502.T: Quotazione), Japan's largest drugmaker, fell on Monday after it said it expects a delay until March 2012 or later in U.S. approval of its key diabetes drug SYR-322. [ID:nSP468416]
Takeda said on Saturday it expects a delay in approval of the drug, which the stock market expected. U.S. regulators repeated on Friday their request made originally in March for an additional study and more safety data from Takeda on the drug. [ID:nSP468416]
Takeda reiterated it was still discussing details with U.S. regulators about the additional study to gather data on cardiovascular risks.
Analysts said the delay in approval of the successor to Takeda's top-selling drug Actos by around two and a half years from the previously targeted deadline of Friday was generally expected after the regulators' request in March.
Takeda's shares closed down 2.4 percent at 3,700 yen, underperforming rivals such as Astellas Pharma (4503.T: Quotazione), which dipped 0.6 percent, and Daiichi Sankyo (4568.T: Quotazione), which also shed 0.6 percent.
Takeda's comments still prompted some analysts to review their outlook on the company.
"The delay itself was not a surprise," said Kumi Miyauchi, an analyst at Daiwa Institute of Research. Continua...