UCB acquires Candid Therapeutics

UCB has finalized an agreement to acquire Candid Therapeutics for up to $2.2 billion, marking a strategic expansion in the biotechnology sector. The transaction, which involves a $2 billion upfront payment alongside up to $200 million in future milestone-based disbursements, is set to be completed by mid-to-late 2026. The acquisition will bolster UCB's portfolio, focusing on Candid's T-cell engager, cizutamig, amid rising demand for innovative treatments in autoimmune diseases.

The acquisition centers on cizutamig, Candid’s leading investigational therapy designed as a BCMA T-cell engager for autoimmune disorders. This bispecific antibody targets both BCMA on plasma cells and CD3 on T-cells, enabling targeted immune responses against BCMA-expressing cells while mitigating cytokine release. Cizutamig has been tested in over 100 patients across multiple conditions and is undergoing trials in over ten autoimmune indications, promising significant leaps in B-cell mediated treatment efficacy.

UCB’s acquisition of Candid represents a push into next-generation immunology, following its recent investment in Antengene. This strategy focuses on enhancing UCB's capacity to tackle antibody-mediated autoimmune diseases through biology-driven, differentiated approaches. Beyond cizutamig, Candid's pipeline includes multi-specific TCE antibodies intended for precise pathogenic B-cell population depletion, proposing more enduring disease control solutions.

The transaction stands to intensify competition in the biotechnology sector, as UCB enhances its technological and therapeutic capabilities. With approximately 9,000 employees and operations in 40 countries, UCB reported a revenue of €7.7 billion in 2025. The company aims to redefine autoimmune treatment standards, reflecting its commitment to addressing significant unmet medical needs and setting benchmarks for immune reset therapies.

The deal, facilitated by advisors including Lazard for UCB and Jefferies, Goldman Sachs, and BofA Securities for Candid, awaits antitrust clearance and standard closing conditions. Jean-Christophe Tellier, CEO of UCB, emphasized the acquisition's role in bolstering UCB's innovation strategy, while Candid’s CEO, Ken Song, highlighted UCB’s capabilities in driving their product pipeline towards successful market realization.