-- 
 Deal builds upon UCB's position as a leader in immunology innovation 
      and expands capabilities in next-generation biologics with potential for 
      immune reset 
 
 
   -- 
 Candid's lead asset, cizutamig, a bispecific antibody directed to 
      B-cell maturation antigen (BCMA) on plasma cells and CD3 on T-cells, is 
      currently in multiple phase 1 clinical studies across various autoimmune 
      diseases 
 
 
   -- 

Total transaction value of up to US $2.2 billion consisting of US $2

      billion in upfront payments plus up to US $200 million in potential 
      future milestone payments 
 
 
 
SAN DIEGO--(BUSINESS WIRE)--May 03, 2026-- 
 
   UCB, a global biopharmaceutical company, today announced signing of a 
definitive agreement under which it would acquire Candid Therapeutics 
(Candid), a privately held clinical-stage biotechnology company 
redefining the treatment of autoimmune and inflammatory diseases through 
novel T-cell engagers (TCEs). This transaction supports UCB's ambition 
to bring differentiated solutions to people with severe immune-mediated 
diseases by focusing on areas of high unmet need and it illustrates the 
company's inorganic strategy for growth. 
 
 
   Cizutamig, Candid's lead investigational asset, is positioned as a 
potential best in class BCMA TCE for autoimmune diseases. It is a 
bispecific antibody directed to BCMA on plasma cells and CD3 on T-cells, 
enabling T-cell--mediated cytotoxicity against BCMA-expressing plasma 
cells and B-cells. Purposely designed to maintain cytotoxicity while 
limiting cytokine release, cizutamig has been clinically evaluated in 
over 100 patients with multiple myeloma and autoimmune diseases and is 
currently in multiple clinical studies in over 10 autoimmune 
indications. 
 
 
   The acquisition of Candid builds on UCB's recently announced transaction 
with Antengene and reflects a platform-driven strategy in 
next-generation immunology. Together, these complementary investments 
expand UCB's reach across multiple B-cell targets and disease mechanisms, 
strengthening its ability to address antibody-mediated autoimmune 
diseases through differentiated, biology-driven approaches rather than 
reliance on a single asset or modality. 
 
 
   "This acquisition demonstrates our inorganic innovation strategy in 
action and marks a pivotal moment for UCB, as we secure a significant 
technological advancement in the field with the addition of cizutamig to 
our pipeline," said Jean-Christophe Tellier, Chief Executive Officer at 
UCB. He added, "This exemplifies the next wave of therapies to treat 
immune-mediated diseases and reflects our commitment to setting new 
standards to achieve immune reset. We consider cizutamig as a potential 
transformative asset, that complements our existing programs, and is 
poised to redefine treatment expectations for severe, underserved 
immune-mediated diseases, offering the potential to deliver meaningful 
improvements in patient outcomes and quality of life." 
 
 
   In addition to cizutamig, Candid is developing a differentiated pipeline 
of multi-specific TCE antibodies designed to enable deep, targeted 
depletion of pathogenic B-cell populations in immune-mediated diseases 
to achieve immune reset. Together, these programs apply a modular, 
multi-antigen targeting strategy to address complementary B-cell subsets, 
supporting the potential for more complete elimination of pathogenic 
B-cell populations and more durable disease control. 
 
 
   "We started Candid with the goal to redefine the standard of care for 
immune-mediated diseases. We purposefully built a broad portfolio of TCE 
assets against a number of clinical indications," said Ken Song, MD, 
Chairman, CEO and President, Candid Therapeutics. "Our focus has been to 
efficiently generate clinical data so as to identify where our TCEs 
could provide maximal clinical benefit for the broadest number of 
patients. UCB's successful track record in immunology, including 
development, launch, and commercialization, will enable the continuation 
of our clinical programs and help deliver on the potential for our 
pipeline." 
 
 
   Under the terms of the agreement, UCB will pay US $2 billion upfront 
payments and up to US $200 million in potential future milestone 
payments. The transaction remains subject to certain closing conditions, 
including required anti-trust clearance and other customary conditions, 
and is expected to close by end of Q2 -- early Q3 2026. 
 
 
   Cizutamig is an investigational drug that has not been approved by the 
FDA or other health authorities. 
 
 
   Lazard is acting as financial advisor to UCB, and Covington & Burling 
LLP is serving as legal counsel to UCB. Jefferies LLC and Goldman Sachs 
& Co. LLC are acting as joint lead financial advisors to Candid. BofA 
Securities, Inc. also provided financial advice. Cooley LLP is serving 
as legal counsel to Candid. 
 
 
   About Candid Therapeutics 
 
 
   Candid Therapeutics is a clinical-stage biotechnology company focused on 
transforming the treatment of autoimmune and inflammatory diseases 
through novel T-cell engager (TCE) platforms. Candid is advancing two 
lead B-cell depleting TCEs, with a goal to broadly explore the potential 
of TCEs across multiple autoimmune diseases by targeting different 
B-cell protein targets, as well as evaluating different depths of B-cell 
depletion. Established in 2024 and headquartered in San Diego, CA, 
Candid is led by a team of entrepreneurial executives who have a track 
record of advancing programs into and through development and is 
supported by a distinguished syndicate of premier life science 
investors. 
 
 
   About UCB 
 
 
   UCB, Brussels, Belgium (www.ucb.com) is a global biopharmaceutical 
company focused on the discovery and development of innovative medicines 
and solutions to transform the lives of people living with severe 
diseases of the immune system or of the central nervous system. With 
more than 9 000 people in approximately 40 countries, the company 
generated revenue of EUR7.7 billion in 2025. UCB is listed on Euronext 
Brussels (symbol: UCB). Follow us on X: @UCB_news 
 
 
   Forward-looking statements 
 
 
   This document contains forward-looking statements, including, without 
limitation, statements containing the words "potential", "believes", 
"anticipates", "expects", "intends", "plans", "seeks", "estimates", 
"may", "will", "continue" and similar expressions. These forward-looking 
statements are based on current plans, estimates and beliefs of 
management. All statements, other than statements of historical facts, 
are statements that could be deemed forward-looking statements, 
including estimates of revenues, operating margins, capital expenditures, 
cash, other financial information, expected legal, arbitration, 
political, regulatory or clinical results or practices and other such 
estimates and results. By their nature, such forward-looking statements 
are not guaranteeing future performance and are subject to known and 
unknown risks, uncertainties, and assumptions which might cause the 
actual results, financial condition, performance or achievements, or 
industry results, to be materially different from any future results, 
performance, or achievements expressed or implied by such 
forward-looking statements contained in this document. 
 
 
   Important factors that could result in such differences include but are 
not limited to: global spread and impacts of wars, pandemics and 
terrorism, the general geopolitical environment, climate change, changes 
in general economic, business and competitive conditions, the inability 
to obtain necessary regulatory approvals or to obtain them on acceptable 
terms or within expected timing, costs associated with research and 
development, changes in the prospects for products in the pipeline or 
under development, effects of future judicial decisions or governmental 
investigations, safety, quality, data integrity or manufacturing issues, 
supply chain disruption and business continuity risks; potential or 
actual data security and data privacy breaches, or disruptions of our 
information technology systems, product liability claims, challenges to 
patent protection for products or product candidates, competition from 
other products including biosimilars or disruptive technologies/business 
models, changes in laws or regulations, exchange rate fluctuations, 
changes or uncertainties in tax laws or the administration of such laws, 
and hiring, retention and compliance of its employees. There is no 
guarantee that new product candidates will be discovered or identified 
in the pipeline, or that new indications for existing products will be 
developed and approved. Movement from concept to commercial product is 
uncertain; preclinical results do not guarantee safety and efficacy of 
product candidates in humans. So far, the complexity of the human body 
cannot be reproduced in computer models, cell culture systems or animal 
models. The length of the timing to complete clinical trials and to get 
regulatory approval for product marketing has varied in the past with 
similar unpredictability going forward. Products or potential products 
which are the subject of partnerships, joint ventures or licensing 
collaborations may be subject to disputes between the partners or may 
prove to be not as safe, effective or commercially successful as may 
have believed at the start of such partnership. Efforts to acquire other 
products or companies and to integrate the operations of such acquired 
companies may not be as successful as may have believed at the moment of 
acquisition. Also, others could discover safety, side effects or 
manufacturing problems with its products and/or devices after they are 
marketed. The discovery of significant problems with a product similar 
to one of the products that implicate an entire class of products may 
have a material adverse effect on sales of the entire class of affected 
products. Moreover, sales may be impacted by international and domestic 

trends toward managed care and health care cost containment, including 
pricing pressure, political and public scrutiny, customer and prescriber 
patterns or practices, and the reimbursement policies imposed by 
third-party payers as well as legislation affecting biopharmaceutical 
pricing and reimbursement activities and outcomes. Finally, a breakdown, 
cyberattack or information security breach could compromise the 
confidentiality, integrity and availability of data and systems. 
 
 
   Given these uncertainties, the public is cautioned not to place any 
undue reliance on such forward-looking statements. These forward-looking 
statements are made only as of the date of this document, and do not 
reflect any potential impacts from the evolving event or risk as 
mentioned above as well as any other adversity, unless indicated 
otherwise. The company continues to follow the development diligently to 
assess the financial significance of these events. 
 
 
   Any obligation to update any forward-looking statements in this document, 
either to confirm the actual results or to report or reflect any change 
in its forward-looking statements with regard thereto or any change in 
events, conditions or circumstances on which any such statement is based, 
unless such statement is required pursuant to applicable laws and 
regulations is expressly disclaimed. 
 
 
 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260503595444/en/

 
 
    CONTACT:    Arvind Kush 
 
 
   info@candidrx.com 
 
 
 
 
 
 

(END) Dow Jones Newswires

May 04, 2026 05:23 ET (09:23 GMT)