Otsuka Pharmaceutical to Acquire Transcend Therapeutics to Expand Psychiatry and Neurology Portfolio

Otsuka Pharmaceutical will fully acquire Transcend Therapeutics, expanding Otsuka's portfolio in psychiatric and neurological fields, with acquisition completion expected in the second quarter of 2026 (subject to customary closing conditions). Otsuka will pay USD 700 million at closing plus up to USD 525 million in contingent consideration tied to future sales milestones, for a total potential consideration of USD 1.225 billion. Transcend, founded in 2021, is developing rapid-acting neuropsychiatric treatments; its lead program is TSND-201 (methylone) for post-traumatic stress disorder (PTSD) and other psychiatric conditions. The release frames TSND-201 as a non-hallucinogenic neuroplastogen that aims to induce rapid and durable neural plasticity, citing its monoamine transporter mediated mechanism and linking PTSD symptoms to neuroplasticity changes and altered fear-related circuitry.