Shionogi, a Japanese pharmaceutical company, agreed to acquire Tetra Therapeutics, a clinical stage biotechnology company, for $500m. Under the terms of the merger agreement, Tetra will become a wholly owned subsidiary of Shionogi, and Shionogi will have global rights to BPN14770 and all Tetra compounds. "We are excited to combine Tetra’s portfolio with our drug development capabilities to further advance BPN14770 in CNS disorders, including AD and FXS. Tetra’s deep level of drug discovery know-how in the CNS area will help us to solve for the cognitive disorders our ageing population is facing, and we believe we are well-positioned to bring BPN14770 to patients in need," Isao Teshirogi, Shionogi President and CEO.