Otsuka Pharmaceutical to Acquire Mindset Pharma
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Otsuka Pharmaceutical Co., Ltd. (Otsuka) and Mindset Pharma, Inc. (Mindset) announce that they have entered into a definitive arrangement agreement pursuant to which Otsuka will acquire Mindset for approximately CAD 80 million in an all-cash transaction. The Otsuka and Mindset boards of directors have approved the transaction. The acquisition is expected to be completed during the fourth quarter of 2023, subject to required procedures.
Makoto Inoue, president and representative director of Otsuka commented, “Otsuka Pharmaceutical has designated psychiatry and neurology as one of its top priority therapeutic areas and has been developing antipsychotic agents with clinical significance on a global basis. With the addition of Mindset’s novel compounds and synthesis processes, we expect this acquisition will further contribute to the treatment of patients suffering from psychiatric disorders.”
James Lanthier, CEO of Mindset said, “We are thrilled to announce this all-cash transaction with Otsuka as we believe it maximizes value and is a great outcome for all Mindset stakeholders. We believe Otsuka is ideally positioned to maximize the value of the Mindset assets and IP portfolio to the future benefit of patients.”
Through this acquisition, Mindset will become a wholly owned subsidiary of OAI. Upon completion of the acquisition, Otsuka will further develop several new 5-HT2A agonists in North America and Europe. Otsuka, through OAI and a special purpose company established under its control for the purpose of the acquisition, will enter into a Plan of Arrangement (a statutory procedure recognized under Canadian law).
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