Takeda posts Q1 loss, lifts f'cast; Daiichi Q1 falls

By Yumiko Nishitani

TOKYO (Reuters) - Japan's largest drugmaker Takeda Pharmaceutical Co Ltd (4502.T) posted its first quarterly operating loss on costs to acquire U.S. biotech firm Millennium Pharmaceuticals, but hiked its annual forecast 17 percent, sending its shares higher.

Smaller rival Daiichi Sankyo Co Ltd (4568.T) posted a profit fall on increased R&D spending. It also said it was facing delays in launching its offer to purchase more of India's Ranbaxy Laboratories (RANB.BO) but hoped to complete the bid by the end of September.

Japanese drugmakers have announced a string of acquisitions, eager to beef up their pipelines before top-selling medicines lose U.S. patent protection, and improve their global presence.

Takeda, whose mainstay Actos diabetes pill will lose U.S. patent protection in 2011, bought Millennium in May in a bid to strengthen its cancer drug business.

Citing smaller-than-expected acquisition costs, Takeda lifted its group operating profit forecast by 17 percent to 280 billion yen ($2.6 billion) for the year to March 2009.

That was above a consensus of 249 billion yen in a poll of 16 analysts by Reuters Estimates but 34 percent below the previous year's result.

Takeda shares closed up 4.2 percent at 5,750 yen, sharply extending gains after the announcement.

The company booked in-process research and development costs of around $1.6 billion in the first quarter for its $8 billion-plus purchase of Millennium and the absorption of TAP Pharmaceuticals, a former joint venture with Abbott (ABT.N).