UCB has entered into a definitive agreement to acquire Candid Therapeutics, a biotechnology company focused on developing bispecific T-cell engagers (TCEs) for autoimmune and inflammatory diseases, for up to USD 2.2 billion. The deal includes an upfront payment of USD 2 billion and up to USD 200 million in potential milestone payments, with an expected close in late Q2 or early Q3 of 2026. The acquisition centres on Candid's lead asset, cizutamig, a CD3/BCMA bispecific antibody (BsAb) that has been evaluated in over 100 patients with multiple myeloma (MM) and autoimmune conditions.

Cizutamig is currently in clinical development for more than ten autoimmune diseases. Candid's pipeline also includes a series of modular, multispecific TCE antibodies designed to precisely deplete pathogenic B-cell subsets. The technology aims to restore immune balance and achieve durable disease control.

According to PharmCube's NextBiopharm® database, the transaction is set to become the largest M&A for a TCE company, and supersedes Rallybio's definitive agreement from March 2026 to acquire Candid through a reverse merger. Click here to request a free trial for NextBiopharm®.