Deal activity

Biohaven licenses the Kv7 platform, led by opakalim (BHV-7000), to SK Biopharmaceuticals for up to $795M↗

Biohaven Bioscience Ireland entered a license agreement granting SK Biopharmaceuticals an exclusive, royalty-bearing, worldwide license to the Kv7 ion channel platform led by opakalim (BHV-7000): $400M upfront ($350M at closing, $50M one year later), up to $150M in development/regulatory milestones, and tiered royalties from the mid-teens to low twenties on U.S. net sales. Opakalim remains in Phase 2/3 development for focal epilepsy (RISE3 topline expected 2H 2026).

MapLight announces $150M private placement to fund ML-007C-MA Phase 3 ZEPHYR-2 and VISTA↗

PIPE with institutional and accredited investors: 9,197,887 common shares at $11.38 plus pre-funded warrants for 3,983,168 shares; gross proceeds ~$150M, expected to close 2026-08-14. Proceeds earmarked primarily for ML-007C-MA: the registrational Phase 3 ZEPHYR-2 study in schizophrenia (plus its open-label safety study) and the ongoing Phase 2 VISTA study in Alzheimer's disease psychosis. With $351.3M cash as of 2026-06-30, runway extends through 2028, covering both readouts. Placement agents: Morgan Stanley, Jefferies, Leerink Partners, Stifel.

Michael Halstead appointed CEO of Helus Pharma↗

Michael Halstead (former President of Intra-Cellular Therapies) appointed CEO — the third CEO change of 2026 (Michael Cola appointed 2026-02-10; Eric So resumed as interim CEO 2026-04-20) ahead of the Q4 2026 Phase 3 APPROACH readout.

Draig Therapeutics closes oversubscribed $65 million Series B↗

Draig closed an oversubscribed $65 million Series B led by Deep Track Capital, with Janus Henderson Investors, Marshall Wace, British Business Bank and Jefferson Life Sciences joining existing backers Access Biotechnology, Canaan Partners, SR One, Sanofi Ventures, Schroders Capital, SV Health Investors and ICG. Proceeds are directed at accelerating clinical development of the pipeline, principally DT-101, on the strength of the Phase 1 safety, tolerability, pulsatile-PK and target-engagement package. The round brings total funding to approximately $205 million, a little over a year after the company emerged from stealth. The release confirmed both Phase 2 MDD studies as ongoing — the global monotherapy study and the US adjunct study — but issued no new topline timing.

Helus Pharma closes US$50 million underwritten offering↗

Closing of a previously announced US$50M underwritten public offering (priced 2026-06-24; prospectus supplement and FWP filed with SEC). Per the FY2026 results release, proceeds bolster the balance sheet for execution of EMBRACE, the second Phase 3 HLP003 trial, toward a potential U.S. FDA NDA in 2028.

Definium Therapeutics closes upsized $805M public equity offering (~$758M net) funding DT120 program↗

Closed an underwritten public offering of 23,676,471 common shares at $34.00/share (including full exercise of the underwriters' 3,088,235-share option) for ~$805M gross / ~$758M net proceeds, upsized from a $500M proposed offering announced 2026-06-22 and priced at $700M/20,588,236 shares on 2026-06-23. Proceeds earmarked for R&D and DT120 ODT commercialization prep. Compound-wide corporate financing, not indication-specific.

HMNC closes first $50M tranche of a Series B; proceeds fund BH-200 Phase 3 readiness↗

HMNC Brain Health announced a $50 million first closing of its Series B, led by MEDICE - The Health Family with participation from existing investor The Maschmeyer Group. Proceeds support late-stage clinical development of the neuroscience portfolio, including Phase 3-readiness activities for Ketabon (KET01) and Nelivabon (BH-200). The same announcement covered a strategic partnership granting MEDICE exclusive European commercialisation rights to KET01 with tiered double-digit royalties and success-based commercial milestones, and noted HMNC is evaluating expansion of the BH-200 programme into additional neuroscience indications.

Otsuka completes acquisition of Transcend Therapeutics↗

Transcend became a wholly owned subsidiary of Otsuka America, Inc., closing the deal announced 2026-03-27. (Otsuka's own Japan-newsroom disclosure of the same closing is dated 2026-06-15; occurred_on follows the original US closing announcement.)

Teva closes acquisition of Emalex Biosciences↗

Teva closed its acquisition of Emalex Biosciences ($700 million upfront at closing; up to $200 million in commercial milestones plus net sales-based royalties, subject to approval). Ecopipam is now a Teva asset; U.S. NDA submission reiterated for H2 2026. This explains emalexbiosciences.com redirecting to tevapharm.com.

Reviva common stock moves from Nasdaq to OTCQB↗

Common stock began OTCQB quotation at market open 2026-05-14 (ticker RVPH unchanged) following Nasdaq delisting — a capital-constraint signal at the sponsor of a Phase 3 asset, disclosed in the Q1 2026 results PR and the 2026-05-13 8-K (item 3.01).

Teva to acquire Emalex Biosciences for $700M upfront, adding NDA-ready ecopipam↗

Teva agreed to acquire Emalex Biosciences for $700 million in cash upfront plus up to $200 million in commercial milestones and net sales-based royalties, adding ecopipam (first-in-class selective dopamine D1 receptor antagonist for pediatric Tourette syndrome, FDA Orphan Drug + Fast Track). Close expected Q3 2026; NDA submission guided for H2 2026.

Helus Pharma partners with TARA Mind to support HLP003 Phase 3 recruitment in veteran communities↗

Collaboration with TARA Mind to support recruitment for the HLP003 (CYB003) Phase 3 program in MDD and expand outreach in veteran communities, following the White House Executive Order on breakthrough mental health treatments. A corrected version of the release was reissued 2026-04-30.

Lighthouse closes a $12M Series A led by Double Point Ventures↗

Lighthouse Pharmaceuticals closed a $12 million Series A financing led by Double Point Ventures with participation from new and existing investors, to advance LHP588 in Alzheimer's disease and expand the pipeline. Campbell Murray, M.D., a partner at Double Point Ventures, joined the board. The release reiterated that the SPRING trial is additionally supported by the $49.2M NIA grant and is currently enrolling participants across the United States.

EUR 25M clinical-trial-failure insurance secured for the ALS Phase 3 (AB23005)↗

AB Science received a binding offer for a Clinical Trial Funding Insurance policy from Medical & Commercial International (Lloyd's Syndicate 1902) covering EUR 25M (potentially up to EUR 39M) of AB23005 trial costs with zero deductible in the event of clinical failure (efficacy, safety, recruitment, regulatory hold, GCP breach, IDMC stop, or CMC failure). Effective from first patient enrolled, conditional on AB Science mobilizing the study financing and premium (~EUR 8M); the binding offer is activatable until 2026-12-31. The same release announced a voluntary temporary halt of new-patient recruitment in AB Science's European studies during a strategic reorganization prioritizing ALS and AML.

Supernus acquires NV-5138 (SPN-820) asset from Navitor under an asset purchase agreement↗

Supernus Pharmaceuticals entered an asset purchase agreement with Navitor Pharmaceuticals, Inc. and Navitor Pharmaceuticals, LLC to acquire all rights, title and interest in the NV-5138 / SPN-820 compound — intellectual property, inventory, regulatory materials, data, and associated contract rights and goodwill. No upfront payment; the purchase price consists of Supernus completing one Phase 2b study plus milestone payments of up to $350M tied to specified development, regulatory and commercial achievements (with the right to cease further obligations if the Phase 2 study is deemed unsuccessful). The deal, dated April 1, 2026 and announced April 8, 2026, was contemplated by the parties' April 21, 2020 Development and Option Agreement and a May 5, 2025 binding Memorandum of Understanding. Following the acquisition, Supernus holds and leads development of the asset.

Otsuka Pharmaceutical agrees to acquire Transcend Therapeutics for up to $1.225B↗

Otsuka, via subsidiary Otsuka America, Inc., agreed to acquire Transcend Therapeutics: USD 700M upfront to shareholders at closing plus up to USD 525M in sales-milestone contingent consideration (total potential $1.225B), explicitly to accelerate the TSND-201 PTSD program.

Reviva closes $10M public offering to fund RECOVER-2 Phase 3 of brilaroxazine↗

Priced 2026-03-18 at $1.50/share with Series G (5-yr) and Series H (12-mo) warrants, ~$10M gross via A.G.P.; closed 2026-03-20, leaving ~$23M cash guided into Q1 2027. Proceeds explicitly earmarked for the planned RECOVER-2 Phase 3 trial of brilaroxazine in schizophrenia. Follows a 1:20 reverse split effected 2026-03-09.

Vistagen cuts ~20% of workforce to prioritize the fasedienol PALISADE program↗

Board-approved reduction in force of approximately 20% to preserve cash while prioritizing fasedienol PALISADE development; cash runway guided into 2027.

COMPASS Pathways prices $150M public offering of ADSs and pre-funded warrants↗

Priced an underwritten public offering of 17,500,000 ADSs at $8.00/ADS plus pre-funded warrants for up to 1,250,000 additional ADSs; gross proceeds ~$150.0 million, closing on/about 2026-02-20. Proceeds earmarked for the COMP005/COMP006 TRD trials, the PTSD Phase 2b/3 trial, and commercial-readiness activities.

Newron secures up to EUR 38 million in tranched equity to advance the Phase 3 evenamide program↗

Equity investment from a group of existing and new shareholders from Europe and Asia in three tranches: up to EUR 15 million immediately (779,624 new shares at EUR 19.24), EUR 11 million on ENIGMA-TRS 1 and 2 progress toward 12-week results (expected Q4 2026, no later than 2026-11-30), and EUR 12 million conditional on disclosure of positive ENIGMA-TRS results. Proceeds fund the global ENIGMA-TRS studies and extend the cash runway beyond the pivotal 12-week readouts.

Alkermes completes acquisition of Avadel Pharmaceuticals, adding LUMRYZ↗

Alkermes plc completed its acquisition of Avadel Pharmaceuticals plc on February 12, 2026, after the Irish High Court sanctioned the scheme of arrangement, delisting Avadel (Nasdaq: AVDL). Avadel shareholders received $21.00 per share in cash plus a contingent value right of up to $1.50 per share (total ~$2.1 billion), financed with ~$775 million of cash and $1.525 billion in term loans. The deal, originally announced on October 22, 2025, adds Avadel's FDA-approved product LUMRYZ (sodium oxybate extended-release), a once-at-bedtime treatment for cataplexy or excessive daytime sleepiness in narcolepsy, to Alkermes' commercial portfolio and accelerates its entry into the sleep medicine market.

Denovo Biopharma partners with Orygen on an investigator-initiated Phase 2 study of DB103 (pomaglumetad methionil) in early psychosis↗

Denovo announced a partnership with Orygen (Parkville, Australia; lead investigator Prof. Patrick McGorry) to conduct an open-label Phase 2 investigator-initiated feasibility trial of pomaglumetad methionil 40 mg twice daily for 12 weeks in young people aged 18-25 with first-episode psychosis insufficiently responsive to a first-line antipsychotic, or with clinical-high-risk symptoms that failed to remit. Ethics approval: Royal Melbourne Hospital HREC Project 2024.289. As of 2026-08-12 the study has no ClinicalTrials.gov or findable ANZCTR registration, so it is recorded as an announcement, not a trial.

NeuShen Therapeutics completes Series A+ financing led by Lilly Asia Ventures↗

NeuShen Therapeutics announced completion of a Series A+ round led by Lilly Asia Ventures, with participation from Pivotal bioVenture Partners and existing investors including Shanghai Healthcare Capital, Lapam Capital, and TTM Capital (amount undisclosed). Proceeds fund preclinical and clinical development of the company's CNS pipeline; the announcement highlighted that lead asset NS-136 has advanced into Phase 2 clinical development.

Mind Medicine (MindMed) rebrands as Definium Therapeutics↗

Mind Medicine (MindMed) Inc. renamed to Definium Therapeutics, Inc. effective 2026-01-12, with the Nasdaq ticker changing MNMD -> DFTX at market open 2026-01-13, positioning a late-stage psychiatry pipeline with three Phase 3 readouts expected in 2026 (MM120/DT120 in GAD and MDD).

COMPASS Pathways establishes strategic collaboration with Radial Health↗

Seventh strategic commercial collaboration for COMPASS Pathways, with Radial Health, Inc. (a national interventional-psychiatry clinic network operating in five states), to help inform a scalable delivery model for COMP360 psilocybin treatment pending FDA approval.

Cybin rebrands as Helus Pharma; CYB003 renamed HLP003↗

Cybin Inc. began doing business as Helus Pharma, renamed CYB003 to HLP003 and CYB004 to HLP004, and transferred its US listing from NYSE American (CYBN) to Nasdaq under ticker HELP. Written under ADR 0005 R2 after corporate_rebrand reached the two-ask threshold (2026-08-24).

COMPASS Pathways amends Hercules Capital loan facility to up to $150M↗

Third Amendment to the Hercules Capital loan and security agreement establishes five term-loan tranches totaling up to $150.0 million; a $50.0 million Tranche 1 advance was funded at closing (partly repaying ~$31.1 million outstanding under the prior facility), with later tranches gated on clinical, FDA-approval, and commercial milestones.

Cognision to supply its COGNISION EEG/ERP platform for the KYN-5356 Phase 2 EEG substudy↗

Cognision announced a partnership with Kynexis to deploy the COGNISION System — a standardized EEG/event-related-potential platform — in the Phase 2 trial of KYN-5356 (NCT07191483) to measure drug-induced changes in brain function alongside cognitive outcomes. The EEG substudy covers approximately 75 of the 150 participants and is intended to relate neurophysiological change to change in cognition and to baseline characteristics.

atai Life Sciences completes acquisition of Beckley Psytech to form AtaiBeckley↗

All-share strategic combination (announced June 2, 2025; Beckley valued at ~$390M) in which atai Life Sciences (renamed Atai Beckley N.V., Nasdaq: ATAI) acquired Beckley Psytech Limited. The deal was conditioned on positive BPL-003 Phase 2b topline data and closed November 5, 2025 after ~98% shareholder approval on November 4, 2025; Beckley shareholders received ~105 million new atai shares. BPL-003 and ELE-101 carried into the combined company.

atai Life Sciences completes acquisition of Beckley Psytech to form AtaiBeckley↗

All-share strategic combination (announced June 2, 2025; Beckley valued at ~$390M) in which atai Life Sciences (renamed Atai Beckley N.V., Nasdaq: ATAI) acquired Beckley Psytech Limited. The deal was conditioned on positive BPL-003 Phase 2b topline data and closed November 5, 2025 after ~98% shareholder approval on November 4, 2025; Beckley shareholders received ~105 million new atai shares. BPL-003 and ELE-101 carried into the combined company.

atai Life Sciences and Beckley Psytech complete strategic combination to form AtaiBeckley↗

All-share combination (announced June 2025; valued at ~$390M) in which atai Life Sciences acquired Beckley Psytech Limited, closing November 5, 2025 to create AtaiBeckley. Beckley shareholders received ~105 million new shares (~28-31% of the combined company); the deal was conditioned on positive Phase 2b BPL-003 topline data and included a concurrent ~$30M private placement (Ferring Ventures, Adage Capital). atai's internal pipeline, including VLS-01, carried into the combined company.

MapLight prices its IPO at $17.00 per share for $258.9 million gross↗

MapLight priced an initial public offering of 14,750,000 shares of common stock at $17.00 per share, alongside a concurrent private placement of 476,707 shares to affiliates of Goldman Sachs & Co. Combined expected gross proceeds $258.9 million, before a 30-day underwriter option for up to 2,212,500 additional shares. Shares began trading on Nasdaq on 2025-10-27 under the symbol MPLT; the offering was expected to close 2025-10-28. Joint book-running managers: Morgan Stanley, Jefferies, Leerink Partners and Stifel.

Series A final close upsized to $133 million on RECONNECT efficacy; GAD program funded↗

Reunion announced the final closing of its Series A. Because RECONNECT met prespecified efficacy parameters, the final tranche increased from $21 million to $51 million, bringing the total Series A to $133 million from the $103 million announced in May 2024. Proceeds fully fund the ongoing REKINDLE Phase 2 in adjustment disorder and expand RE104 into generalized anxiety disorder via the RECLAIM Phase 2 trial.

Series A final close upsized to $133 million on RECONNECT efficacy; GAD program funded↗

Reunion announced the final closing of its Series A. Because RECONNECT met prespecified efficacy parameters in postpartum depression, the final tranche increased from $21 million to $51 million, bringing the total Series A to $133 million from the $103 million announced in May 2024. Proceeds fully fund the ongoing REKINDLE Phase 2 in adjustment disorder and expand RE104 into generalized anxiety disorder via the RECLAIM Phase 2 trial — the announcement that created this program.

AbbVie to acquire Gilgamesh's bretisilocin (GM-2505) program↗

AbbVie announced a definitive agreement to acquire Gilgamesh's lead investigational candidate bretisilocin (GM-2505), a short-acting 5-HT2A agonist/5-HT releaser in Phase 2 for moderate-to-severe major depressive disorder, for up to $1.2 billion inclusive of an upfront payment and development milestones. The deal is an acquisition of the GM-2505 program only, not the entire company; Gilgamesh spins off a new entity (Gilgamesh Pharma Inc.) retaining its other programs, including blixeprodil (GM-1020), and the existing AbbVie collaboration. Date is the announcement date; close was subject to customary closing conditions with no specific close date disclosed.

NIA awards Lighthouse a $49.2M grant to fund the Phase 2 SPRING trial of LHP588↗

The National Institute on Aging (NIH) awarded Lighthouse Pharmaceuticals $49.2 million under award R01AG088524 to support the Phase 2 SPRING trial of LHP588 in Alzheimer's disease patients with confirmed P. gingivalis infection. NIH RePORTER records the project as 'A Randomized, Double-Blind, Placebo-Controlled Study of LHP588 in Subjects with P. gingivalis-Positive Alzheimer's Disease', contact PI Michael J. Detke, M.D., Ph.D. (chief medical officer), project period 2025-08-15 to 2029-07-31, with $12,591,952 obligated in fiscal year 2025.

Supernus Pharmaceuticals completes acquisition of Sage Therapeutics↗

Supernus completed its acquisition of Sage Therapeutics on 2025-07-31 ($8.50 per share in cash plus one contingent value right of up to $3.50 per share). Dalzanemdor had already been discontinued (November 2024); the deal was driven by ZURZUVAE (zuranolone). All SAGE-718 ClinicalTrials.gov records now list Supernus as lead sponsor as a result of the transfer. No revival of dalzanemdor has been announced.

MapLight raises a $372.5 million Series D↗

MapLight announced an oversubscribed $372.5 million Series D financing co-led by Forbion and Life Sciences at Goldman Sachs Alternatives, with participation from new investors including Sanofi, accounts advised by T. Rowe Price Investment Management and Avego BioScience Capital. Proceeds were directed at the Phase 2 programs for ML-007C-MA in schizophrenia and Alzheimer's disease psychosis and ML-004 in autism spectrum disorder.

Draig Therapeutics launches from stealth with $140 million total investment↗

Draig Therapeutics emerged from stealth announcing $140 million (GBP 107 million) raised over the preceding nine months: an oversubscribed Series A led by Access Biotechnology with Canaan Partners, SR One, Sanofi Ventures and Schroders Capital, on top of seed funding from co-founder SV Health Investors and ICG. Proceeds were earmarked for four clinical studies — two of them for DT-101 in major depressive disorder — and to move the two preclinical GABA-A programmes (DT-201, DT-301) into clinical development in 2026. The release also confirmed that DT-101's Phase 1 programme in over 60 subjects was complete, well tolerated, and had demonstrated target engagement by magnetoencephalography.

Gate Neurosciences combines with Boost Neuroscience and relaunches as Syndeio Biosciences↗

Gate Neurosciences (which had agreed in February 2025 to acquire synapse-platform company Boost Neuroscience) relaunched on May 27, 2025 as Syndeio Biosciences, a synapse-targeted neurotherapeutics company. Syndeio now holds Gate's clinical pipeline including zelquistinel (Phase 2, MDD) and apimostinel (Phase 2, acute depression). Private; backed by Catalio Capital, Innoviva, Tenmile, Luson Bioventures and Palo Santo, with AbbVie and Lilly as strategic shareholders.

Gate Neurosciences combines with Boost Neuroscience and relaunches as Syndeio Biosciences↗

Gate Neurosciences (which had agreed in February 2025 to acquire synapse-platform company Boost Neuroscience) relaunched on May 27, 2025 as Syndeio Biosciences, a synapse-targeted neurotherapeutics company. Syndeio now holds Gate's clinical pipeline including zelquistinel (Phase 2, MDD) and apimostinel (Phase 2, acute depression). Private; backed by Catalio Capital, Innoviva, Tenmile, Luson Bioventures and Palo Santo, with AbbVie and Lilly as strategic shareholders.

Alto acquires ALTO-207 (CTC-501) from Chase Therapeutics↗

In May 2025, Alto Neuroscience acquired ALTO-207 (formerly CTC-501), a fixed-dose combination of pramipexole (dopamine D3/D2 agonist) and ondansetron (5-HT3 antagonist), from Chase Therapeutics Corporation for development in major depressive disorder.

Johnson & Johnson acquires Intra-Cellular Therapies↗

Johnson & Johnson completed its acquisition of Intra-Cellular Therapies for $132.00 per share in cash (~$14.6B), closing April 2, 2025. ITCI delisted from NASDAQ and became a unit within Johnson & Johnson Innovative Medicine. Adds CAPLYTA (lumateperone) and the pipeline (ITI-1284, lenrispodun).

Johnson & Johnson acquires Intra-Cellular Therapies↗

Johnson & Johnson completed its acquisition of Intra-Cellular Therapies for $132.00 per share in cash (~$14.6B), closing April 2, 2025. ITCI delisted from NASDAQ and became a unit within Johnson & Johnson Innovative Medicine. Adds CAPLYTA (lumateperone) and the pipeline (ITI-1284, lenrispodun).

Johnson & Johnson acquires Intra-Cellular Therapies↗

Johnson & Johnson completed its acquisition of Intra-Cellular Therapies for $132.00 per share in cash (~$14.6B), closing April 2, 2025. ITCI delisted from NASDAQ and became a unit within Johnson & Johnson Innovative Medicine. Adds CAPLYTA (lumateperone) and the pipeline (ITI-1284, lenrispodun).

Newleos in-licenses NTX-1472 (RO6953958) and three other clinical-stage neuropsychiatry assets from Roche↗

At its public launch, Newleos Therapeutics disclosed that it had licensed global rights to four clinical-stage neuropsychiatric assets from Roche in exchange for an upfront payment plus success-based milestones and royalties. The portfolio comprises NTX-1955 (GABAA-gamma1 positive allosteric modulator, generalized anxiety disorder), NTX-1472 (RO6953958, V1a receptor antagonist, social anxiety disorder), NTX-2001 (ralmitaront, TAAR1 partial agonist, substance use disorders) and NTX-1511 (basmisanil, GABAA-alpha5 negative allosteric modulator, cognitive impairment in rare neurodevelopmental disease).

Newleos Therapeutics launches with an oversubscribed $93.5 million Series A↗

Newleos Therapeutics debuted publicly with a $93.5 million oversubscribed Series A financing led by Goldman Sachs Alternatives, with participation from Novo Holdings A/S, Longwood Fund, DCVC Bio and Arkin Bio Capital. The proceeds fund the four ex-Roche clinical-stage programmes, of which NTX-1472 in social anxiety disorder is the most advanced.

Newleos Therapeutics licenses ralmitaront from Roche as NTX-2001↗

Newleos Therapeutics launched with $93M (Longwood Fund) and a four-asset CNS portfolio licensed from Roche, including ralmitaront — renamed NTX-2001 — which Roche had removed from its pipeline in October 2023. Newleos plans to develop NTX-2001 in alcohol use disorder, not schizophrenia; deal structure was upfront + milestones + royalties, amounts undisclosed. Recorded compound-wide (no indication) so this schizophrenia record does not claim the new indication; the AUD program is a separate record when written.

Neuphoria Therapeutics earns $15M milestone as Merck starts MK-1167 Phase 2↗

Neuphoria Therapeutics (formerly Bionomics), the originator and licensor of MK-1167, announced it will receive a US$15 million milestone payment triggered by Merck's initiation of a Phase 2 clinical trial of MK-1167 for Alzheimer's disease dementia symptoms. This is described as the second milestone achieved in the collaboration, with Neuphoria eligible for up to US$450 million in additional milestone payments plus royalties.

Taisho and Meiji Seika Pharma to co-market vornorexant (TS-142) for insomnia in Japan↗

Taisho announced on Feb 6, 2025 a joint-marketing agreement with Meiji Seika Pharma Co., Ltd. to co-promote its in-house dual orexin receptor antagonist vornorexant (TS-142) for insomnia in Japan. The agreement was struck while the product was under Japanese regulatory review; vornorexant was subsequently approved in Japan (marketed as Vorzzz). Taisho retains the development/marketing-authorization lead.

Relmada acquires global rights to sepranolone from Asarina Pharma↗

Under an Asset Purchase Agreement finalized February 3, 2025 (announced February 6, 2025), Relmada acquired full global ownership rights to sepranolone, a Phase 2b-ready GABA-A pathway neurosteroid for Tourette syndrome and other compulsive disorders, from Sweden's Asarina Pharma AB for EUR 3 million. Relmada plans to advance sepranolone into a Phase 2b study in Tourette syndrome.

Neurocrine–Takeda amend collaboration for osavampator (ex-Japan vs. Japan split)↗

On 27 Jan 2025 the collaboration was amended so Neurocrine holds exclusive worldwide rights (except Japan) to osavampator, while Takeda reacquires exclusive rights in Japan.

Newron licenses evenamide to Myung In Pharm for South Korea↗

Myung In Pharm Co. Ltd. will develop, manufacture and commercialize evenamide for treatment-resistant schizophrenia in South Korea, contribute 10% of patients to Newron's pivotal Phase 3 trial, and bear a share of eligible global development costs plus all Korean regulatory and commercialization costs. Newron receives an upfront payment, development/regulatory milestones, and royalties on net sales (amounts undisclosed).

Newron licenses evenamide to EA Pharma (Eisai subsidiary) for Japan and other Asian territories↗

EA Pharma will develop, manufacture and commercialize evenamide in Japan and other designated Asian territories. Newron receives up to EUR 117 million in total, including a EUR 44 million upfront payment, financial contributions to the Phase 3 one-year TRS study (to be run outside the licensed territories), regulatory and commercialization milestones, plus tiered royalties up to a double-digit percentage of net sales.

Otsuka obtains exclusive worldwide license to ulefnersen (ION363) from Ionis↗

Otsuka entered an exclusive worldwide licensing agreement for rights to develop, manufacture and market ulefnersen (ION363), Ionis' antisense candidate for FUS-ALS. Terms include a $10 million upfront payment to Ionis plus regulatory/sales milestones and royalties; Ionis remains the discoverer and developer while Otsuka leads regulatory filings, manufacturing and commercialization globally.

AbbVie completes $8.7B acquisition of Cerevel Therapeutics↗

AbbVie acquired all outstanding shares of Cerevel Therapeutics for $45.00 per share in cash (~$8.7B equity value); deal closed Aug 1, 2024. Cerevel's neuroscience portfolio (emraclidine, tavapadon, darigabat, CVL-354) is now AbbVie-led.

AbbVie completes $8.7B acquisition of Cerevel Therapeutics↗

AbbVie acquired all outstanding shares of Cerevel Therapeutics for $45.00 per share in cash (~$8.7B equity value); deal closed Aug 1, 2024. Cerevel's neuroscience portfolio (emraclidine, tavapadon, darigabat, CVL-354) is now AbbVie-led.

AbbVie completes $8.7B acquisition of Cerevel Therapeutics↗

AbbVie acquired all outstanding shares of Cerevel Therapeutics for $45.00 per share in cash (~$8.7B equity value); deal closed Aug 1, 2024. Cerevel's neuroscience portfolio (emraclidine, tavapadon, darigabat, CVL-354) is now AbbVie-led.

AbbVie completes $8.7B acquisition of Cerevel Therapeutics↗

AbbVie acquired all outstanding shares of Cerevel Therapeutics for $45.00 per share in cash (~$8.7B equity value); deal closed Aug 1, 2024. Cerevel's neuroscience portfolio (emraclidine, tavapadon, darigabat, CVL-354) is now AbbVie-led.

Wellcome Trust funding award to advance ALTO-100 in bipolar depression↗

On July 25, 2024, Alto Neuroscience announced a non-dilutive funding award from The Wellcome Trust Limited (up to approximately $11.7 million convertible funding) to support the Phase 2b study of ALTO-100 as an adjunctive treatment in bipolar depression using a precision-psychiatry biomarker approach.

AbbVie–Gilgamesh collaboration and option-to-license agreement↗

AbbVie and Gilgamesh entered a collaboration and option-to-license agreement to develop next-generation therapies (neuroplastogens) for psychiatric disorders, encompassing Gilgamesh's two lead clinical programs GM-1020 and GM-2505, both then in Phase 2 for major depressive disorder. Gilgamesh received $65 million upfront and was eligible for up to $1.95 billion in aggregate option fees and milestones plus tiered royalties. Upon exercise of an option, AbbVie would lead development and commercialization.

AbbVie–Gilgamesh collaboration and option-to-license agreement↗

AbbVie and Gilgamesh entered a collaboration and option-to-license agreement to develop next-generation therapies (neuroplastogens) for psychiatric disorders, encompassing Gilgamesh's two lead clinical programs GM-1020 and GM-2505, both then in Phase 2 for major depressive disorder. Gilgamesh received $65 million upfront and was eligible for up to $1.95 billion in aggregate option fees and milestones plus tiered royalties. Upon exercise of an option, AbbVie would lead development and commercialization.

Reunion Neuroscience raises $103 million Series A co-led by MPM BioImpact and Novo Holdings↗

Series A financing of $103 million co-led by MPM BioImpact and Novo Holdings, with participation from Arkin Bio Capital, Mitsui & Co. Global Investment, Plaisance Capital, FemHealth Ventures and Palo Santo. Proceeds were earmarked for the RECONNECT Phase 2 trial of RE104 in postpartum depression and for expansion into adjustment disorder in cancer.

Taisho Pharmaceutical Holdings taken private in Uehara-family management buyout (OOTEMON)↗

The founding Uehara family executed a management buyout of Taisho Pharmaceutical Holdings Co., Ltd. (parent of Taisho Pharmaceutical Co., Ltd.) through the acquisition vehicle OOTEMON Co., Ltd. Following a tender offer at JPY 8,620 per share (announced Nov 24, 2023; tender expired Jan 15, 2024 with ~73% accepted) and a March 2024 EGM-approved share consolidation/squeeze-out, the company was delisted from the Standard Market of the Tokyo Stock Exchange effective April 9, 2024, in a deal valued at roughly USD 5 billion.

Taisho Pharmaceutical Holdings taken private in Uehara-family management buyout (OOTEMON)↗

The founding Uehara family executed a management buyout of Taisho Pharmaceutical Holdings Co., Ltd. (parent of Taisho Pharmaceutical Co., Ltd.) through the acquisition vehicle OOTEMON Co., Ltd. Following a tender offer at JPY 8,620 per share (announced Nov 24, 2023; tender expired Jan 15, 2024 with ~73% accepted) and a March 2024 EGM-approved share consolidation/squeeze-out, the company was delisted from the Standard Market of the Tokyo Stock Exchange effective April 9, 2024, in a deal valued at roughly USD 5 billion.

PureTech transfers Glyph IP and the SPT-300 (formerly LYT-300) program to founded entity Seaport↗

PureTech founded Seaport and transferred the Glyph platform intellectual property and several therapeutic candidates - including SPT-300, the oral allopregnanolone prodrug previously advanced at PureTech as LYT-300 - into Seaport at its April 9, 2024 launch. PureTech retains a 31.2% equity stake plus 3-5% tiered royalties on Glyph product net sales and modest milestone payments (per PureTech, as of June 5, 2026).

Taisho Pharmaceutical Holdings taken private in Uehara-family management buyout (OOTEMON)↗

The founding Uehara family executed a management buyout of Taisho Pharmaceutical Holdings Co., Ltd. (parent of Taisho Pharmaceutical Co., Ltd.) through the acquisition vehicle OOTEMON Co., Ltd. Following a tender offer at JPY 8,620 per share (announced Nov 24, 2023; tender expired Jan 15, 2024 with ~73% accepted) and a March 2024 EGM-approved share consolidation/squeeze-out, the company was delisted from the Standard Market of the Tokyo Stock Exchange effective April 9, 2024, in a deal valued at roughly USD 5 billion.

Taisho Pharmaceutical Holdings taken private in Uehara-family management buyout (OOTEMON)↗

The founding Uehara family executed a management buyout of Taisho Pharmaceutical Holdings Co., Ltd. (parent of Taisho Pharmaceutical Co., Ltd.) through the acquisition vehicle OOTEMON Co., Ltd. Following a tender offer at JPY 8,620 per share (announced Nov 24, 2023; tender expired Jan 15, 2024 with ~73% accepted) and a March 2024 EGM-approved share consolidation/squeeze-out, the company was delisted from the Standard Market of the Tokyo Stock Exchange effective April 9, 2024, in a deal valued at roughly USD 5 billion.

Engrail Therapeutics closes oversubscribed $157M Series B↗

Engrail closed an oversubscribed $157 million Series B financing co-led by new investors F-Prime Capital, Forbion and Norwest Venture Partners, with participation from RiverVest Venture Partners, Red Tree Venture Capital, funds managed by abrdn Inc., Ysios Capital, Longwood Fund, Eight Roads Ventures and founding investor Pivotal Life Sciences, bringing total capital raised since inception to more than $220 million. The company said proceeds would advance its pipeline through multiple stages of clinical development across anxiety disorders, depression, post-traumatic stress disorder and rare neurodegenerative disease.

Bristol Myers Squibb completes its $14.0 billion acquisition of Karuna Therapeutics↗

BMS acquired all outstanding shares of Karuna Therapeutics for $330.00 per share in cash — $14.0 billion total ($12.9 billion net of cash acquired) — making Karuna a wholly owned subsidiary. Announced 2023-12-22; completed 2024-03-18. The deal was built around KarXT, then under FDA review for schizophrenia with a 2024-09-26 PDUFA date.

Otsuka and Sumitomo revise the license agreement; Otsuka gains exclusive worldwide rights to ulotaront↗

Revised agreement between Otsuka and Sumitomo Pharma (and its U.S. subsidiary Sumitomo Pharma America). Otsuka holds exclusive worldwide rights to develop, manufacture, and commercialize ulotaront (SEP-363856) and SEP-380135; SEP-4199 and SEP-378614 were excluded. No upfront payment; Otsuka to pay up to USD 30 million total in milestones for both compounds plus sales-based royalties, and bears the full cost of studies from January 2024 onward.

Royalty Pharma R&D funding agreement to accelerate olanzapine LAI (TEV-'749)↗

Royalty Pharma agreed to provide Teva up to $100 million (with a mutual option to increase to $125 million) to fund ongoing development of olanzapine LAI (TEV-'749). Upon FDA approval, Teva repays the funded amount over five years plus low-to-mid-single-digit royalties on commercialization. Teva retains the lead on development and global commercialization.

Kynexis in-licenses KYN-5356 from Mitsubishi Tanabe Pharma on an exclusive worldwide basis↗

Disclosed at company launch: 'Kynexis has an exclusive worldwide license from MTPC to develop and commercialize KYN-5356 worldwide.' The compound therefore originated at Mitsubishi Tanabe Pharma Corporation, not at Kynexis. No upfront payment, milestone schedule, royalty rate or MTPC equity stake was disclosed.

Kynexis launches with EUR 57 million Series A led by Forbion↗

Kynexis emerged from stealth with a EUR 57 million (approximately USD 61 million) Series A financing led by Forbion, with participation from Ysios Capital and Sunstone Life Science Ventures, to advance KYN-5356 into the clinic for cognitive impairment associated with schizophrenia. This remains the company's only disclosed financing; no Series B has been announced as of 2026-07-24.

Otsuka acquires Mindset Pharma↗

Otsuka Pharmaceutical Co., Ltd., through its wholly-owned subsidiary Otsuka America, Inc., acquired all of the issued and outstanding common shares of Mindset Pharma Inc. via a statutory plan of arrangement for CA$0.75 per share in an all-cash transaction (approximately CA$80 million). The arrangement agreement was dated August 31, 2023; shareholders approved it on October 19, 2023, and the Supreme Court of British Columbia approved it on October 25, 2023. The deal closed and common shares were delisted (CSE: MSET, OTCQB: MSSTF, FSE: 9DF) on October 27, 2023.

Cybin completes acquisition of Small Pharma, consolidating the deuterated DMT (dDMT) program↗

All-share acquisition (plan of arrangement under the BCBCA; announced August 28, 2023; each Small Pharma share exchanged for 0.2409 Cybin common shares) in which Cybin Inc. (now Helus Pharma) acquired Small Pharma Inc., combining the two companies' deuterated DMT programs. CYB004 was Cybin's own pre-existing proprietary dDMT molecule for generalized anxiety disorder; the deal added Small Pharma's complementary SPL028 dDMT candidate, creating what the company described as the most advanced systematic dataset on short-duration DMT/dDMT molecules.

Alto and MedRx joint development & license agreement for ALTO-101 transdermal formulation↗

On September 25, 2023, Alto Neuroscience entered into a Joint Development and License Agreement with MedRx Co., Ltd. for an exclusive, sublicensable, worldwide license to develop a transdermal formulation of the PDE4 inhibitor ALTO-101.

Catalent grants MindMed exclusive license to Zydis ODT technology for MM-120 (lysergide)↗

Catalent granted MindMed exclusive rights to its patented Zydis fast-dissolve orally disintegrating tablet (ODT) technology for all salt and polymorphic forms of lysergide for pharmaceutical use in the United States, United Kingdom, European Union, Switzerland, Israel, and Canada. The technology underpins the MM120 (now DT120) ODT formulation.

MPM BioImpact completes take-private acquisition of Reunion Neuroscience↗

Reunion Neuroscience and MPM BioImpact announced completion of the plan of arrangement, taking the Nasdaq-listed company private under a US$13.1 million transaction first announced on 2023-06-01. Shareholders approved the arrangement on 2023-07-13 and the final court order followed on 2023-07-14. The take-private is what set up the $103 million Series A nine months later and the resources to run RECONNECT.

Biohaven in-licenses dual TYK2/JAK1 inhibitor BHV-8000 from Hangzhou Highlightll↗

Exclusive license (global ex-China) to BHV-8000 (formerly TLL-041), an oral brain-penetrant dual TYK2/JAK1 inhibitor: $10M cash + $10M equity upfront, up to $950M milestones, tiered royalties.

VistaGen Therapeutics completes acquisition of Pherin Pharmaceuticals↗

VistaGen Therapeutics closed its acquisition of Pherin Pharmaceuticals, securing all intellectual property rights to the pherine nasal spray pipeline (including PH10/itruvone for MDD and PH94B for social anxiety disorder) and eliminating future royalty and milestone payment obligations on the licensed compounds. Pherin became a wholly owned subsidiary. Announced December 21, 2022; closed February 2, 2023.

Quince Therapeutics sells the legacy protease-inhibitor portfolio, including atuzaginstat, to Lighthouse Pharmaceuticals↗

Quince Therapeutics (formerly Cortexyme) entered into and simultaneously consummated an Asset Purchase Agreement with Lighthouse Pharmaceuticals, Inc. for the sale of its legacy small-molecule protease-inhibitor portfolio for all uses and indications worldwide — COR388 (atuzaginstat), COR588, COR803 and COR852, plus drug substance, drug product, regulatory materials, intellectual property and related contracts. Consideration was common stock equal to 7.5% of Lighthouse's issued and outstanding shares, milestone payments of up to $150 million per product on regulatory approvals and net-sales thresholds, and royalties from high single-digit to mid-teens of annual net sales on the two clinical-stage programmes (low single-digit on the preclinical ones). Lighthouse was co-founded by former Cortexyme leadership and now develops the second-generation Kgp inhibitor LHP588 (COR588).

Lighthouse Pharmaceuticals acquires Cortexyme's gingipain-inhibitor portfolio from Quince Therapeutics; COR588 becomes LHP588↗

Quince Therapeutics (Nasdaq: QNCX, formerly Cortexyme, Inc.) sold its legacy small-molecule protease-inhibitor portfolio — COR588, COR388 (atuzaginstat), COR852 and COR803 — outright to Lighthouse Pharmaceuticals, Inc. under an asset purchase agreement consummated the same day. Lighthouse, co-founded by Casey Lynch, Cortexyme's former CEO, gained exclusive worldwide rights to develop, manufacture and commercialize the portfolio. Quince received 7.5% of Lighthouse's common stock with anti-dilution through the first $10M raised, up to $150M in regulatory and commercial milestone payments product-by-product, tiered royalties (high-single-digit to mid-teens on the two clinical-stage programs, low-single-digit on the preclinical ones) and a share of sublicense income; Quince also took an option, expiring 2023-06-30, on COR388 for animal-health indications. Quince described COR588 as 'a selective, oral small molecule inhibitor of lysine-gingipain that is Phase 2 ready'. The compound was renamed LHP588 under Lighthouse.

Stalicla in-licenses worldwide rights to mavoglurant (AFQ056 → STP7) from Novartis↗

Stalicla SA signed an exclusive in-licensing agreement with Novartis for mavoglurant, covering substance-use disorder and neurodevelopmental-disorder indications worldwide: upfront fees plus an equity stake to Novartis, up to $270 million in development and commercial milestones, plus royalties. Stalicla announced it was preparing to advance mavoglurant into Phase 3 for cocaine use disorder on the back of Novartis's positive Phase 2 (NCT03242928) and a >1,800-adult legacy safety database.

Beckley Psytech acquires Eleusis Therapeutics, adding ELE-101 to its pipeline↗

All-equity acquisition in which Beckley Psytech acquired 100% of Eleusis Therapeutics Limited, gaining full development and commercial rights to ELE-101, an intravenous formulation of psilocin (the active metabolite of psilocybin). Eleusis CEO Shlomi Raz joined as Beckley's Chief Business Officer. Announced October 23, 2022; consideration undisclosed.

Royalty Pharma R&D funding collaboration with Merck for MK-8189 (elpipodect)↗

Royalty Pharma entered an R&D funding collaboration to co-fund development of MK-8189 (elpipodect), Merck's investigational oral PDE10A inhibitor then in a Phase 2b study for schizophrenia. Royalty Pharma provided $50 million upfront and committed an additional $375 million to co-fund the pivotal (Phase 3) program if Merck elects to proceed, in exchange for milestone payments on certain regulatory approvals and royalties on annual worldwide sales of any approved product. Merck retains development and commercialization control.

Gate Neurosciences in-licenses apimostinel (GATE-202) from AbbVie↗

Gate acquired global rights to the second-generation intravenous NMDA receptor modulator apimostinel from AbbVie, alongside zelquistinel and rapastinel. The molecules originated at Naurex, were advanced by Allergan, and passed to AbbVie via its Allergan acquisition. Announced September 2022 when Gate emerged from stealth.

Gate Neurosciences in-licenses zelquistinel (GATE-251) from AbbVie↗

Gate licensed the oral third-generation NMDA receptor modulator zelquistinel (formerly AGN-241751) from AbbVie, alongside apimostinel and rapastinel. The molecules originated at Naurex, were advanced by Allergan, and passed to AbbVie via its Allergan acquisition. Announced September 2022 when Gate emerged from stealth.

BioXcel secures up to $260M strategic financing from Oaktree and Qatar Investment Authority for IGALMI / BXCL501↗

Up to $260M in gross funding to support commercial activities for IGALMI (dexmedetomidine sublingual film) and expansion of BXCL501 clinical development, including the pivotal Phase 3 program in agitation associated with Alzheimer's disease. Structure: up to $135M delayed draw term loan, up to $120M capped revenue interest (royalty) on net sales of IGALMI and future BXCL501 products, and up to $5M equity investment.

Axsome acquires Sunosi (solriamfetol) from Jazz Pharmaceuticals↗

Axsome acquired Sunosi (solriamfetol), an approved dual-acting dopamine and norepinephrine reuptake inhibitor for excessive daytime sleepiness, from Jazz Pharmaceuticals for $53M upfront plus royalties. U.S. acquisition completed May 9, 2022; ex-U.S. rights followed.

Biohaven acquires Channel Biosciences' Kv7 platform (BHV-7000)↗

Biohaven acquired Channel Biosciences (a Knopp Biosciences subsidiary) and its Kv7 (KCNQ2/3) ion-channel platform incl. BHV-7000 / opakalim (formerly KB-3061): $65M stock + $35M cash upfront, up to ~$325M epilepsy milestones plus further indication/commercial milestones and royalties.

Biohaven in-licenses TRPM3 antagonist platform (BHV-2100) from KU Leuven↗

Exclusive global license and research collaboration for a small-molecule TRPM3 antagonist platform (lead BHV-2100) for pain, with undisclosed upfront/milestones plus mid-single-digit royalties.

Neurocrine in-licenses Sosei Heptares (Nxera) muscarinic agonist portfolio↗

Strategic collaboration and license to a portfolio of subtype-selective M1/M4 muscarinic agonists discovered by Sosei Heptares (now Nxera Pharma): ~$100M upfront and up to ~$2.6B milestones plus tiered royalties. NBI-1117568 (oral selective M4 agonist for schizophrenia) is the lead asset.

NBI-1117570 in-licensed under the Neurocrine–Sosei Heptares (Nxera) muscarinic collaboration↗

NBI-1117570 (NBI-570), an oral M1/M4 selective dual agonist, is the second clinical candidate from the muscarinic portfolio licensed from Sosei Heptares (now Nxera Pharma) under the November 2021 agreement.

Karuna licenses KarXT Greater China rights to Zai Lab ($35M upfront)↗

Karuna Therapeutics and Zai Lab entered an exclusive license for the development, manufacturing and commercialization of KarXT in Greater China (mainland China, Hong Kong, Macau, Taiwan): $35.0M upfront, up to $80.0M development/regulatory and $72.0M sales milestones, plus low-double-digit to high-teens tiered royalties. Zai Lab funds substantially all activities in the territory. Agreement dated 2021-11-08; announced 2021-11-09. This deal is what later carried Cobenfy to its China approval in December 2025.

Teva in-licenses anle138b (emrusolmin / TEV-56286) from MODAG↗

MODAG GmbH granted Teva an exclusive worldwide license to develop, manufacture and commercialize anle138b (later named emrusolmin / TEV-56286) and the related compound sery433 for neurodegenerative diseases, with joint development focused on multiple system atrophy (MSA) and Parkinson's disease. MODAG is the originator/licensor; Teva is the licensee and lead developer.

Neumora acquires BlackThorn Therapeutics, gaining navacaprant (NMRA-140) and NMRA-511↗

Neumora Therapeutics acquired BlackThorn Therapeutics, Inc. (completed October 7, 2021; BlackThorn became a wholly owned subsidiary, later dissolved). The acquisition brought in BlackThorn's CNS programs, including the kappa-opioid receptor antagonist navacaprant (NMRA-140 / BTRX-335140) and the vasopressin V1a antagonist NMRA-511 (BTRX-323511), both originally licensed by BlackThorn from The Scripps Research Institute (TSRI) under a 2015 worldwide exclusive license.

Neumora acquires BlackThorn Therapeutics, gaining navacaprant (NMRA-140) and NMRA-511↗

Neumora Therapeutics acquired BlackThorn Therapeutics, Inc. (completed October 7, 2021; BlackThorn became a wholly owned subsidiary, later dissolved). The acquisition brought in BlackThorn's CNS programs, including the kappa-opioid receptor antagonist navacaprant (NMRA-140 / BTRX-335140) and the vasopressin V1a antagonist NMRA-511 (BTRX-323511), both originally licensed by BlackThorn from The Scripps Research Institute (TSRI) under a 2015 worldwide exclusive license.

Alto acquires histamine H3 inverse agonist (ALTO-203) from Teva / Cephalon↗

Alto Neuroscience acquired patents, know-how and other rights to ALTO-203, an oral small-molecule histamine H3 receptor inverse agonist, from Teva Pharmaceutical Industries, Ltd. and its affiliate Cephalon, Inc., effective October 4, 2021.

Otsuka in-licenses ulotaront (SEP-363856) in a worldwide collaboration with Sumitomo Dainippon Pharma and Sunovion↗

Sumitomo Dainippon Pharma and its U.S. subsidiary Sunovion granted Otsuka rights to jointly develop and commercialize four psychiatry/neurology compounds worldwide: SEP-363856 (ulotaront, for schizophrenia), SEP-4199, SEP-378614, and SEP-380135. Otsuka paid Sunovion a USD 270 million upfront payment, with up to USD 620 million in development milestones plus sales milestones and royalties.

Delix Therapeutics closes $70 million Series A to advance its neuroplastogen pipeline↗

Delix closed a $70 million Series A led by ARTIS Ventures and RA Capital Management with founding investor OMX Ventures, explicitly to advance two lead candidates through Phase 1 clinical trials and expand the psychoplastogen discovery platform. This is the round that funded DLX-001's move into the clinic; Delix was still preclinical at the time. Followed by a $30 million convertible note financing in January 2022.

HMNC Brain Health in-licenses BH-200 (nelivaptan) worldwide and exclusively from Sanofi↗

HMNC Brain Health announced worldwide exclusive rights to BH-200, the vasopressin V1b receptor antagonist nelivaptan (Sanofi's SSR149415), in-licensed from Sanofi and paired with a proprietary molecular diagnostic that identifies patients whose major depressive disorder is driven by HPA-axis dysfunction. HMNC's stated rationale was that BH-200 had met the predefined primary endpoint in one of Sanofi's two MDD studies despite being tested in an unselected population. A two-study Phase 2 programme operated by ICON was announced with first patient targeted for Q1 2022 and first results for Q2 2023.

GSK partners with Alector on latozinemab and AL101 ($700M upfront)↗

GlaxoSmithKline and Alector announced a global collaboration in July 2021 to co-develop and co-commercialize Alector's two progranulin-elevating antibodies, latozinemab (AL001) and AL101 (GSK4527226), for frontotemporal dementia, ALS and other neurodegenerative diseases. Alector received $700 million upfront with up to $1.5 billion in potential milestones. GSK appears as collaborator on the INFRONT-2 and INFRONT-3 registry records, and latozinemab carried the GSK code GSK4527223. Recorded compound-wide (the deal spans both antibodies and multiple indications).

Taisho out-licenses V1b antagonist TS-121 (brezivaptan / ANC-501) to Ancora Bio worldwide↗

Taisho granted Ancora Bio, Inc. (an Aditum Bio spinout) an exclusive worldwide license for the development, manufacturing and commercialization of its selective vasopressin V1b receptor antagonist TS-121 (renamed ANC-501; later named brezivaptan) for depression, including treatment-resistant depression. Terms: an undisclosed upfront payment plus development milestones, commercial (net-sales) milestones and running royalties to Taisho; Ancora assumes development lead.

Aelis Farma grants Indivior an exclusive option-license for AEF0117 in cannabis-related disorders↗

Strategic collaboration and option-license agreement under which Aelis Farma granted Indivior an option to an exclusive worldwide license for AEF0117 (cannabis-related disorders, including addiction and psychosis). Indivior paid a $30M upfront; the deal provided for a $100M license fee on option exercise plus up to $340M in development/regulatory/commercial milestones and 12-20% royalties. After the Phase 2b CUD study missed its endpoints (reported Sept 2024), Indivior indicated it did not intend to exercise the option pending further analysis, leaving the license unexercised.

Alto in-licenses PDE4 inhibitor (ALTO-101) from Sanofi↗

Effective May 18, 2021, Alto Neuroscience entered into a license agreement with Sanofi for an exclusive, worldwide, royalty-bearing license (with sublicense rights) under Sanofi patent rights and know-how relating to a PDE4 inhibitor compound now known as ALTO-101.

EmpathBio (atai) and Bionomics MOU for joint feasibility assessment of EMP-01 + BNC210 in PTSD↗

EmpathBio, a wholly-owned subsidiary of atai Life Sciences, and Bionomics signed a Memorandum of Understanding to collectively explore a combination drug treatment regimen pairing EmpathBio's MDMA derivative EMP-01 with Bionomics' BNC210 (a non-sedating anxiolytic) for the treatment of PTSD, beginning with preclinical feasibility studies. The parties indicated intent to negotiate a definitive binding agreement for clinical trials if exploratory results proved promising.

Tonix acquires exclusive license to University of Geneva oxytocin technology, expanding TNX-1900 into cardiometabolic indications↗

Tonix acquired (via Katana Pharmaceuticals, Inc.) an exclusive license to the University of Geneva's oxytocin-based technology, expanding the proprietary uses of TNX-1900 (intranasal potentiated oxytocin) into cardiometabolic conditions including insulin resistance, impaired glucose tolerance and obesity. Patents are expected to provide market exclusivity in the U.S. and Europe through 2031.

Sanofi completes ~$3.68 billion acquisition of Principia Biopharma, taking full control of tolebrutinib↗

Sanofi completed its tender offer for Principia Biopharma at $100 per share (~$3.68B), acquiring the originator of tolebrutinib (PRN2246/SAR442168) plus rilzabrutinib and topical PRN473. Sanofi had licensed tolebrutinib from Principia in 2017 and moved to full ownership as the compound entered Phase 3 in multiple sclerosis. Agreement announced 2020-08-17; tender expired 2020-09-25; completion announced 2020-09-28.

Vistagen out-licenses fasedienol (PH94B) to EverInsight (now AffaMed) for Greater China, South Korea and Southeast Asia↗

On June 25, 2020, VistaGen entered into a strategic licensing and collaboration agreement granting EverInsight Therapeutics an exclusive license to develop, manufacture and commercialize fasedienol (PH94B) nasal spray for social anxiety disorder and potentially other anxiety-related disorders across Greater China (Mainland China, Hong Kong, Macau, Taiwan), South Korea and Southeast Asia (Indonesia, Malaysia, Philippines, Thailand, Vietnam). Terms include a $5 million upfront payment, up to $172 million in development and commercial milestones, plus tiered royalties. EverInsight subsequently became AffaMed Therapeutics, which Vistagen now refers to as its partner for the program; Vistagen retains development and the lead role.

Neurocrine in-licenses luvadaxistat (TAK-831) from Takeda↗

Under a 12 Jun 2020 exclusive license, Takeda granted Neurocrine rights to seven early/mid-stage psychiatry programs (up to ~$2B). Luvadaxistat (NBI-1065844 / TAK-831), a DAAO inhibitor, was among them.

NBI-1070770 in-licensed from Takeda (2020 psychiatry portfolio deal)↗

NBI-1070770, studied in MDD, originated at Takeda and was among the seven psychiatry programs exclusively licensed to Neurocrine under the 12 Jun 2020 agreement.

Neurocrine in-licenses osavampator (NBI-1065845 / TAK-653) from Takeda↗

Osavampator (NBI-1065845, formerly TAK-653), an AMPA receptor positive allosteric modulator for MDD, originated at Takeda and was in-licensed under the 12 Jun 2020 exclusive license to seven Takeda psychiatry programs.

Tonix acquires non-addictive migraine and pain programs (TNX-1900) from Trigemina and assumes Stanford license↗

Tonix acquired the migraine and pain treatment technologies of Trigemina, Inc., including lead asset TNX-1900 (formerly TI-001), a proprietary, patented enhanced formulation of intranasal oxytocin, and assumed the underlying license to the technology from Stanford University. Financial terms were not disclosed.

Shionogi acquires Tetra Therapeutics, taking ownership of zatolmilast (BPN14770)↗

Shionogi acquired Tetra Therapeutics (formerly Tetra Discovery Partners, Grand Rapids, Michigan) in May 2020, having first collaborated on the program from December 2018; Tetra became a wholly-owned Shionogi Group company and remains the registered sponsor of the zatolmilast trials. The acquisition was disclosed alongside the PICASSO AD Phase 2 primary-endpoint miss.

Navitor and Supernus enter Development and Option Agreement for NV-5138 (SPN-820) in treatment-resistant depression↗

Joint Development and Option Agreement under which Supernus and Navitor would jointly conduct a Phase II program for NV-5138 (SPN-820) in treatment-resistant depression. Supernus agreed to fund up to $50M of Phase II development plus certain nonclinical/formulation costs. Navitor granted Supernus an exclusive worldwide option (excluding Greater China) to license or acquire NV-5138 before Phase III initiation, in exchange for a $25M upfront ($10M option fee + a $15M equity investment, ~13% of Navitor). Total non-royalty payments had the potential to reach $410M-$475M (upfront plus a license/acquisition fee plus clinical/regulatory/sales milestones). Supernus also received a right of first refusal on any similar CNS mTORC1-mechanism compound. Agreement dated April 21, 2020; announced May 5, 2020.

Axsome in-licenses Pfizer reboxetine data and IP (AXS-12)↗

Axsome entered an exclusive U.S. license agreement with Pfizer for reboxetine clinical/nonclinical data and IP — the basis of AXS-12 (reboxetine), a selective norepinephrine reuptake inhibitor developed for narcolepsy. Combined reboxetine/esreboxetine terms: $8M Axsome stock, $3M cash upfront, up to $323M milestones, tiered royalties.

Axsome in-licenses Pfizer esreboxetine candidate (AXS-14)↗

As part of the same January 13, 2020 exclusive U.S. license agreement with Pfizer, Axsome obtained AXS-14 (esreboxetine), a late-stage Phase 3 candidate for fibromyalgia.

VistaGen exercises option for exclusive worldwide license to PH10 (itruvone) from Pherin↗

VistaGen Therapeutics exercised its option to acquire from Pherin Pharmaceuticals the exclusive worldwide license to develop and commercialize PH10 (itruvone), an intranasal neuroactive steroid (pherine) for major depressive disorder. Consideration was $2.0 million of VistaGen unregistered common stock (925,926 shares). Announced October 25, 2018.

Xenon buys out XEN1101 milestones and royalties from Valeant/Bausch Health subsidiaries↗

On September 10, 2018, Xenon agreed to pay a one-time $6.0 million lump sum to Valeant Pharmaceuticals Luxembourg S.a.r.l. and Valeant Pharmaceuticals Ireland Limited (indirect subsidiaries of Bausch Health Companies Inc.) to terminate up to $39.6 million in potential clinical, regulatory and sales-based milestones and a mid-to-high single-digit royalty on commercial sales of XEN1101, the inherited obligations tied to the prior Valeant ownership of the compound.

Emalex Biosciences acquires Psyadon Pharmaceuticals, gaining ecopipam rights↗

Emalex Biosciences acquired Psyadon Pharmaceuticals and the exclusive rights to develop, register and market ecopipam, a new chemical entity with orphan drug designation, for the treatment of pediatric Tourette syndrome in patients under 16 years of age. Psyadon had advanced ecopipam through Phase 2b prior to the acquisition.

Relmada in-licenses esmethadone (REL-1017) from inventors Inturrisi and Manfredi↗

In January 2018 Relmada entered an exclusive license agreement with Dr. Charles E. Inturrisi and Dr. Paolo Manfredi, the inventors of esmethadone (REL-1017, d-methadone/dextromethadone), licensing certain rights including patents and patent applications. Terms included a $180,000 upfront fee plus $45,000 quarterly payments continuing until commercialization or patent expiry. After three failed Phase 3 MDD studies, Relmada discontinued esmethadone development and delivered formal notice of termination of the license on July 7, 2025; all material obligations ceased October 5, 2025 (90 days later), with no termination fees.

Janssen acquires CERC-501 (aticaprant) asset from Cerecor↗

Janssen Pharmaceuticals acquired all rights to CERC-501 (the selective kappa-opioid receptor antagonist later designated JNJ-67953964 / aticaprant) from Cerecor for ~$25M upfront (incl. $3.75M escrow) plus up to $20M in regulatory milestones. The molecule originated at Eli Lilly (LY-2456302) and was licensed by Cerecor from Lilly in early 2015 before this divestiture to Janssen.

Otsuka acquires Neurovance, gaining centanafadine (CTN / EB-1020) for ADHD↗

Otsuka America agreed to acquire Neurovance, Inc., a privately held clinical-stage company developing centanafadine (CTN, formerly EB-1020), a non-stimulant triple reuptake inhibitor (norepinephrine/dopamine/serotonin) for ADHD. Terms: an estimated USD 100 million upfront at closing, up to USD 150 million in development/approval milestones, plus future sales milestones. Announced March 3, 2017; closing expected in Q2 2017 (exact close date not separately disclosed, anchored to quarter end).

Merck in-licenses Teijin Pharma's anti-tau antibody (later MK-2214)↗

Merck entered an exclusive worldwide license agreement with Teijin Pharma for the development, manufacture, and commercialization of an investigational preclinical antibody candidate targeting tau (later designated MK-2214), being developed for Alzheimer's disease. Merck made an undisclosed upfront payment, with Teijin Pharma eligible for development, regulatory, and sales milestones plus royalties, and an option to co-promote an approved product in Japan.

Xenon acquires worldwide rights to XEN1101 from 1st Order Pharmaceuticals↗

Under an asset purchase agreement dated April 25, 2017 (announced April 26, 2017), Xenon acquired worldwide development and commercialization rights to XEN1101 (azetukalner), a next-generation Kv7 potassium channel opener, from 1st Order Pharmaceuticals, Inc. 1st Order had previously acquired the asset (then 1OP2198) from an affiliate of Valeant Pharmaceuticals. Terms included an upfront fee plus contingent clinical, regulatory and sales-based milestones (up to roughly $8M to 1st Order) and royalties on commercial sales.

Allergan completes acquisition of Naurex, gaining rapastinel (GLYX-13) and NRX-1074↗

Allergan completed its all-cash acquisition of Naurex, Inc. ($560M upfront net of cash, announced 2015-07-26, plus R&D- and sales-milestone payments), acquiring lead asset rapastinel (GLYX-13) — then Phase 3-ready in adjunctive MDD — and the follow-on NRX-1074 (apimostinel). Naurex's discovery platform was spun out to shareholders as Aptinyx prior to closing.

Biohaven licenses troriluzole (BHV-4157) from ALS Biopharma / Fox Chase↗

Biohaven licensed troriluzole (BHV-4157), a tripeptide prodrug of riluzole, plus a portfolio of 300+ prodrugs from ALS Biopharma and Fox Chase Chemical Diversity Center (agreement dated Aug 7, 2015; amended May 29, 2019).

Denovo Biopharma licenses exclusive global rights to pomaglumetad methionil from Eli Lilly↗

Denovo Biopharma obtained exclusive global rights to develop, manufacture and commercialize pomaglumetad methionil (LY2140023, becoming DB103), including transfer of all intellectual property, data and information from Lilly's ~37-trial, >3,800-subject program. Lilly retained an option to re-acquire the compound upon a successful clinical trial at predetermined, undisclosed terms. Denovo's stated plan: retrospective genomic biomarker discovery on archived trial samples to identify a responsive subpopulation.

Janssen in-licenses anti-Tau active immunotherapy ACI-35 (later JNJ-2056) from AC Immune↗

Worldwide exclusive license and research collaboration for AC Immune's anti-Tau therapeutic vaccine ACI-35 (lead candidate ACI-35.030, later renamed JNJ-2056) for Alzheimer's disease. Upfront payment plus development/commercialization milestones totaling up to ~USD 509 million (CHF 500 million) plus tiered royalties. Janssen leads further development.

Biogen Idec to acquire Convergence Pharmaceuticals, gaining vixotrigine (then CNV1014802)↗

Biogen Idec announced the acquisition of UK-based Convergence Pharmaceuticals — the 2010 GSK ion-channel spinout — for $200 million upfront plus up to $475 million in contingent milestone payments, expanding into neuropathic pain with lead asset CNV1014802 (vixotrigine), then in development for trigeminal neuralgia. The acquisition completed in February 2015; Biogen recognized $424.6 million of acquired IPR&D intangible assets for vixotrigine and a $274.5 million contingent-consideration obligation (per the FY2022 10-K, both later written to zero on the December 2022 discontinuation).

Vanda regains worldwide Fanapt (iloperidone) rights from Novartis in settlement↗

Under a December 2014 settlement of their iloperidone licensing dispute, Novartis transferred all U.S. and Canadian commercial rights for the Fanapt (iloperidone) franchise back to Vanda effective December 31, 2014, consolidating worldwide rights to develop and commercialize iloperidone (including long-acting injectable formulations) in Vanda. Vanda had originally licensed worldwide rights to iloperidone from Novartis Pharma AG in June 2004. Novartis also made a $25 million equity investment in Vanda as part of the settlement.

Vanda in-licenses VQW-765 (AQW051) alpha-7 nicotinic agonist from Novartis↗

As part of the December 2014 Novartis settlement, Vanda received an exclusive worldwide license under certain Novartis patents and intellectual property to develop and commercialize VQW-765 (a Phase II alpha-7 nicotinic acetylcholine receptor partial agonist, the former Novartis candidate AQW051), effective December 31, 2014. Vanda is responsible for all development costs with no milestone obligations; Novartis is eligible for tiered royalties on net sales up to the mid-teens percent.

Merck in-licenses Bionomics' alpha-7 nicotinic PAM program (BNC375, later MK-1167)↗

Bionomics Limited (later renamed Neuphoria Therapeutics) entered an exclusive Research Collaboration and License Agreement granting Merck rights to its alpha-7 nicotinic acetylcholine receptor positive allosteric modulator program (lead BNC375, later developed as MK-1167) for cognitive dysfunction in Alzheimer's disease and other CNS conditions. Bionomics received US$20 million in upfront payments and is eligible for up to US$506 million in research and development milestones plus royalties; Merck funds all R&D and holds worldwide commercialization rights.

Janssen and Minerva enter co-development and license agreement for seltorexant (MIN-202 / JNJ-42847922)↗

Janssen Pharmaceutica NV and Minerva Neurosciences entered a co-development and license agreement for the selective orexin-2 antagonist seltorexant (JNJ-42847922 / MIN-202): Minerva held EU/EEA commercialization rights and co-development rights and paid Janssen a $22M license fee; J&J Development Corp. also took an equity stake. Janssen retained lead global development. On 2020-07-01 Minerva opted out, leaving Janssen with full development rights and Minerva entitled to a mid-single-digit royalty.

Otsuka and Lundbeck sign global development and commercialization alliance covering brexpiprazole (OPC-34712)↗

Otsuka and Lundbeck entered a development and commercialization agreement for up to five products in psychiatry. Lundbeck was granted co-development and co-commercialization rights to OPC-34712 (brexpiprazole), a serotonin-dopamine activity modulator (SDAM) discovered by Otsuka that had recently entered Phase 3 in schizophrenia and major depressive disorder. Lundbeck paid Otsuka an upfront of USD 200 million, with the broader alliance worth up to USD 1.8 billion including development, regulatory and sales milestones. Otsuka remains the originator/developer of brexpiprazole.

Minerva (via predecessor Cyrenaic Pharmaceuticals) in-licenses roluperidone from Mitsubishi Tanabe Pharma↗

Cyrenaic Pharmaceuticals — a predecessor that merged in November 2013 to form Minerva Neurosciences — entered into an exclusive license agreement dated August 30, 2007 with Mitsubishi Tanabe Pharma Corporation (MTPC) for the lead compound CYR-101 (subsequently renamed MIN-101 / roluperidone) and related compounds, granting worldwide development and commercialization rights excluding certain Asian countries (including China, Japan, India and South Korea).

Intra-Cellular in-licenses lumateperone (ITI-007) from Bristol-Myers Squibb↗

Intra-Cellular Therapies obtained an exclusive, worldwide license to lumateperone (ITI-007) and related CNS compounds from Bristol-Myers Squibb in 2005, the basis for its worldwide rights to CAPLYTA.