UCB has announced that it entered into an agreement to acquire Candid Therapeutics. Under the terms of the agreement, UCB will pay $2 billion upfront payments and up to $200 million in potential future milestone payments.
In March, it was reported that Candid was to be acquired by Rallybio Corporation, a clinical-stage biotechnology company, but the deal was terminated.
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.
UCB is a global biopharmaceutical company focused on the discovery and development of innovative medicines and solutions relating to the central nervous system. UCB employs more than 8,000 people in 40 different countries. In 2025, UCB generated a revenue of more than $9.12 billion, which was converted from €7.74 billion.
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.
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 or early Q3 2026.
According to data captured in the LevinPro HC database, this transaction represents the 50th Biotechnology transaction of 2026. There were 136 Biotechnology deals reported throughout 2025.
