Takeshi Watanabe

Good morning. I'm Watanabe. Nice to meet you.

So let me start. Today, in the first half, I'd like to talk about acquisitions and how it happened, the introduction of the company we acquired and also our strategic intent. In the second half, we will talk about TSND-201, the characteristics, clinical data and the characteristics.

So Transcend Therapeutics company, it's a company listed in New York. And the company has this product, the rapid-acting treatment products. And this is the company to develop the rapid-acting treatment product. And now our process for acquisition is completed, and we are waiting for the clearance by the authority. And Otsuka subsidiary, Otsuka America, Inc. will have another company to acquire 100% of the stakes of the company. And USD 700 million will be upfront payments. In addition to that, we will have the conditional milestones payments with the sales of the products up to the USD 525 million when the product was sold as we speak.

And then Kevin is one of the founders and he's venture capitalist. And Blake Mandell is one of the co-founder and is the CEO today. And Dr. Benjamin Kelmendi is the psychiatrist from Yale University. And Dr. Benjamin is working on the ketamine and TSND-201. He works on that plus psilocybin, ketamine, psilocybin, 201, and he drove to get clinical data, not just the efficacy. Why it happened the neuro circuits platforms. Those are the areas of his basic research. And now it is working -- we are working on the Phase III TSND-201 study and labeling products, prodrug for TSND-201, those 2 substances they own.

And I'd like to give you