Takeda ended its long-term neuroscience partnership with Denali Therapeutics, returning full global rights to DNL593, a therapy for frontotemporal dementia, to Denali. Takeda said the decision reflected strategic considerations rather than any efficacy or safety issues with DNL593, and also tied the step to broader restructuring targeting cost savings. Denali’s CEO said the company plans to advance the program independently and report Phase 1/2 trial results by the end of 2026. The original Takeda-Denali deal in 2018 included a substantial upfront payment and rights to co-develop up to three candidates. The unwind highlights how portfolio reshuffling can quickly change ownership and development risk distribution in neurodegeneration pipelines, especially during restructuring cycles.