Otsuka will acquire Transcend Therapeutics in a deal valued at $700 million upfront (up to $1.2 billion including milestones), gaining an experimental neuroplasticity-focused candidate for PTSD and other psychiatric conditions. Transcend’s TSND-201, a methylone analog, is tied to a Phase 3 program in the US after mid-stage results published in JAMA Psychiatry, according to Otsuka’s announcement.