Takeda ended its long-running co-development partnership with Denali Therapeutics, returning full rights to DNL593 ahead of the asset’s next clinical steps amid Takeda restructuring. The termination hands Denali responsibility for advancing the frontotemporal dementia-granulin (FTD-GRN) program independently. Denali said the decision was strategic and not tied to safety or efficacy concerns, and that results from the ongoing Phase 1/2 trial are expected by the end of 2026. The Phase 1/2 study is described as randomized and placebo-controlled with 85 enrolled participants. The broader context is Takeda’s reorganization plan intended to cut costs by roughly $1.26 billion by 2028, including layoffs at its U.S. headquarters in Cambridge, Massachusetts. The termination underscores how corporate restructuring can re-route risk and rights in early neurodegeneration programs, affecting timelines, financing, and development responsibility distribution.