UCB, a global biopharmaceutical company, has signed a definitive agreement to acquire Candid Therapeutics, a privately held clinical-stage biotechnology company developing novel T-cell engagers for the treatment of autoimmune and inflammatory diseases, for up to $2.2 billion. The deal comprises $2 billion in upfront payments and up to $200 million in potential future milestone payments, and is expected to close by the end of the second quarter or early third quarter of 2026, pending antitrust clearance and other customary conditions.
At the center of the acquisition is cizutamig, Candid’s lead investigational asset and a potential best-in-class BCMA T-cell engager for autoimmune diseases. The bispecific antibody is 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 being studied across more than 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 investments expand UCB’s reach across multiple B-cell targets and disease mechanisms, strengthening the company’s ability to address antibody-mediated autoimmune diseases through differentiated, biology-driven approaches. Beyond cizutamig, Candid is developing a pipeline of multi-specific TCE antibodies designed to enable deep, targeted depletion of pathogenic B-cell populations — supporting the potential for more complete elimination and more durable disease control.
Lazard is acting as financial advisor to UCB, with Covington & Burling serving as legal counsel. Jefferies and Goldman Sachs are acting as joint lead financial advisors to Candid, with BofA Securities also providing financial advice and Cooley serving as legal counsel. UCB generated revenue of €7.7 billion in 2025 and operates in approximately 40 countries with more than 9,000 employees worldwide.
KEY QUOTES:
“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. 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.”
Jean-Christophe Tellier, Chief Executive Officer, UCB
“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. 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.”
Ken Song, MD, Chairman, CEO and President, Candid Therapeutics
