Rallybio to acquire Candid Therapeutics

US-based biotechnology institution Rallybio has entered a definitive statement to get Candid Therapeutics done a merger transaction.

Following completion, the combined entity volition run arsenic Candid Therapeutics and database connected Nasdaq nether the "CDRX" ticker symbol.

As portion of the merger, Candid has secured much than $505m successful gross proceeds from a concurrent backstage financing round.

The circular is supported by organization investors specified arsenic RA Capital Management; Venrock Healthcare Capital Partners; accounts advised by entities specified arsenic Cormorant Asset Management, Foresite Capital, and Janus Henderson Investors; further communal funds and others.

The combined currency equilibrium astatine closing is projected to money operations done 2030.

The superior volition beryllium utilized to advancement Candid’s T-cell engager (TCE) portfolio done cardinal milestones. This includes planned initiation and objective information readouts from Phase II studies for cizutamig, a TCE targeting B-cell maturation antigen (BCMA), successful myasthenia gravis and interstitial lung disease.

Both companies’ boards person unanimously approved the transaction, which is acceptable to adjacent by mid-2026, taxable to customary closing conditions, including shareholder support and regulatory clearances.

After the transaction is finalised, it is anticipated that the existing equityholders of Rallybio volition clasp 3.65% of the caller merged entity. Meanwhile, the equityholders of Candid, including those investors progressive successful the financing, are projected to ain astir 96.35% of the company.

The combined institution expects pro-forma currency of astir $700m astatine closing. Candid chairman, president and CEO Dr Ken Song volition pb the caller entity.

Rallybio co-founder and CEO Dr Stephen Uden said: “We are pleased to denote this transaction, which we judge represents a compelling accidental for Rallybio stockholders to enactment successful the aboriginal worth instauration of a well-capitalised, clinical-stage institution with a differentiated and wide portfolio of TCE cause candidates.

“Candid's objective information successful myasthenia gravis and crossed its autoimmune pipeline, combined with the beardown endorsement of starring healthcare investors, further substantiates the merit of this transaction.”

In April 2024, Rallybio announced a collaboration with Johnson & Johnson to beforehand complementary therapeutic solutions for foetal and neonatal alloimmune thrombocytopenia (FNAIT).

"Rallybio to get Candid Therapeutics" was primitively created and published by Pharmaceutical Technology, a GlobalData owned brand.

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