A U.S. jury imposed $6 billion in punitive damages on Takeda Pharmaceutical in a case involving allegations that the company hid the cancer risks of its Actos diabetes drug.

A U.S. jury imposed $6 billion in punitive damages on Takeda Pharmaceutical Co. in a case involving allegations that the company hid the cancer risks of its Actos diabetes drug.

Takeda on Tuesday said that it disagreed with the verdict by a jury in Louisiana and that it would seek to overturn it.

Takeda, Japan’s biggest drug maker by revenue, said it was ordered to pay $6 billion, while its business partner in marketing Actos, Eli Lilly & Co., was ordered to pay $3 billion in damages.

“Takeda respectfully disagrees with the verdict and we intend to vigorously challenge this outcome through all available legal means, including possible post-trial motions and an appeal,” said Kenneth D. Greisman, senior vice president of Takeda’s U.S. unit, in a news release.

The news sent Takeda shares down sharply on the Tokyo Stock Exchange Tuesday. In midafternoon, Takeda shares were down 6% at ¥4,530 ($42.20).

According to the current label for Actos in the U.S., a long-term study of people taking the drug found a significantly higher risk of developing bladder cancer after more than two years of use.

Mr. Greisman said: “We are confident in the therapeutic benefits of Actos and its importance as a treatment for Type 2 diabetes.”

Written by Hiroyuki Kachi for the Wall Street Journal, April 8, 2014.

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