Otsuka announced it will buy Transcend Therapeutics for $700 million upfront (about $1.2 billion including potential milestones), moving into a neuropsychiatric asset intended to promote rapid neuroplasticity. The acquisition covers Transcend’s TSND-201, an experimental compound in a Phase 3 program for PTSD, with recruitment underway in the U.S. The deal is built around the idea of delivering psychiatric benefit without classic psychedelic effects tied to serotonin receptor activity, and it follows earlier regulatory and development history in the broader MDMA-like therapy space.