Otsuka to acquire methylone developer Transcend Therapeutics for up to $1.225 billion

Transcend Therapeutics / Otsuka Pharmaceutical — Japan's Otsuka Pharmaceutical agreed to acquire privately held Transcend Therapeutics, paying $700 million at closing plus up to $525 million in sales-based milestones, for total potential consideration of about $1.225 billion.

Transcend's lead asset is TSND-201 (methylone), a rapid-acting neuroplastogen with FDA Breakthrough Therapy designation being developed for PTSD, with Phase 2 data published in JAMA Psychiatry in February 2026. The deal, expected to close in Q2 2026, is one of the largest strategic acquisitions in the psychedelic-adjacent space and signals big-pharma appetite for the sector.

Source: otsuka.co.jp

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