Press Release
Press Release
Press Contacts: Erik Cummins, Matt Hyams, Taina Rosa, Olivia Meyer
03.27.26
Pillsbury advised long-time client Transcend Therapeutics in its sale to Otsuka Pharmaceutical Co., Ltd. under which Otsuka, through its wholly owned subsidiary Otsuka America, Inc., will fully acquire Transcend. The acquisition is expected to be completed in the second quarter of 2026, subject to the fulfillment of customary closing conditions and required procedures.
Under the terms of the agreement, Otsuka will pay $700 million to Transcend shareholders upon closing of the acquisition, and up to $525 million in additional contingent consideration based on future sales milestones related to assets in development, for a total potential consideration of $1.225 billion.
Transcend, founded in 2021, is a clinical stage biotechnology company developing rapid-acting treatments for neuropsychiatric diseases.
The Pillsbury team was led by ECVC/Corporate partner Ron Fleming, counsels Nina Bakhtina, Taylor O'Toole and JP Cordon, senior associate Lee Nisson, associates Sarah Konnerth, Natalie Alexander and Jordan Wimbish and senior law clerk Claudia Hanover; Executive Compensation & Benefits partner Jessica Lutrin; Employment Law partner Rebecca Carr Rizzo; Bank & Leveraged Finance partner Robert Stein; and Tax partners Nora Burke and Joshua Becker.
Click here for more information.