Otsuka Pharmaceutical agreed to acquire Transcend Therapeutics for $700 million upfront plus up to $525 million in milestones, totaling $1.225 billion. 1 2 3 4 5 6 The deal targets Transcend's lead asset TSND-201, a non-hallucinogenic MDMA analog and neuroplastogen for PTSD with FDA Breakthrough Therapy designation, positive phase 2 data published in JAMA Psychiatry in February 2026, and ongoing phase 3 recruitment. 1 3 Acquisition expected to close in Q2 2026, subject to customary conditions, expanding Otsuka's psychiatric and neurological portfolio. 1 2 3 7 8 Transcend, founded in 2021 in New York, focuses on rapid-acting neuropsychiatric treatments inducing neural plasticity. 1 3 4 Sources: 1. https://www.fiercebiotech.com/biotech/otsuka-picks-transcend-1225b-acquisition-highlighting-mdma-analog 2. https://www.otsuka-us.com/news/otsuka-pharmaceutical-acquire-transcend-therapeutics-expands-otsuka-portfolio-psychiatric-and 3. https://www.otsuka.co.jp/en/company/n...
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