-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.