Otsuka is buying Transcend Therapeutics in a transaction worth about $1.2 billion, including $700 million upfront, to acquire TSND-201, a neuroplasticity-focused experimental psychiatric medicine. Otsuka’s American subsidiary plans to complete the deal between April and June, with up to $525 million in additional milestone payments tied to development and asset outcomes. Transcend’s TSND-201 is described as a methylone analog intended to enhance neuroplasticity while avoiding a serotonin receptor tied to hallucinogenic effects, according to the company. A Phase 2 trial in adults with PTSD was published in JAMA Psychiatry, and recruitment is underway for a Phase 3 U.S. study. The acquisition reflects ongoing industry efforts to bring rapid-onset psychiatry approaches into late-stage development, particularly in PTSD where treatment options remain limited.