UCB agreed to acquire Candid Therapeutics in a deal valued at upwards of $2.2 billion,.

The acquisition includes cizutamig, a clinical-stage BCMA-targeting T-cell engager positioned as a potential best-in-class therapy for autoimmune diseases, providing UCB a new addition to its growing portfolio of next-generation immunology assets.

Ken Song, MD, chairman, CEO, and president of Candid Therapeutics, said: "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."

What are the details of the agreement?

UCB is expected to pay $2 billion upfront and up to $200 million in potential future milestone payments as part of the agreement.¹ The transaction is set to close by the end of the second quarter or early third quarter of 2026 and is subject to antitrust clearance and customary closing conditions.

UCB says the financial impact of the transaction in 2026 is expected to be manageable within its existing financial framework, and its full-year guidance remains unchanged, with revenue projected to grow in the high single-digit to low double-digit range at constant exchange rates.¹

What is cizutamig?

Cizutamig is a bispecific antibody that simultaneously targets BCMA on plasma cells and CD3 on T-cells, directing T-cell–mediated cytotoxicity against BCMA-expressing plasma cells and B-cells.¹ It was purposely designed to maintain cytotoxicity while limiting cytokine release, a key safety consideration for T-cell engager therapies. The drug has been clinically evaluated in more than 100 patients across multiple myeloma and autoimmune diseases and is currently being studied in more than 10 autoimmune indications.²

Among the active studies is a Phase I open-label trial evaluating cizutamig specifically in patients with refractory seropositive rheumatoid arthritis.² The study assess safety, tolerability, pharmacokinetics, pharmacodynamics, and preliminary clinical activity in patients who have not responded to prior therapies.

Beyond cizutamig, Candid is also developing a pipeline of multi-specific T-cell engager antibodies designed to enable deep, targeted depletion of pathogenic B-cell populations across multiple immune-mediated diseases, applying a modular, multi-antigen targeting strategy to address complementary B-cell subsets for more complete and durable disease control.

How does the acquisition fit UCB's broader strategy?

The Candid acquisition is the second T-cell engager deal UCB has announced in quick succession, following its recently completed transaction with Antengene for ATG-201, a CD19-targeting TCE. Together, the two deals expand UCB's reach across multiple B-cell targets and disease mechanisms, building a platform-driven immunology strategy rather than reliance on any 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, CEO of UCB. "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."

Sources

1. UCB to acquire Candid Therapeutics, building upon its existing immunology pipeline with novel T-cell engagers UCB May 3, 2026 https://www.ucb.com/newsroom/press-releases/article/ucb-to-acquire-candid-therapeutics-building-upon-its-existing-immunology-pipeline-with-novel-t-cell-engagers
2. An Open-label Study of Cizutamig in Refractory Seropositive Rheumatoid Arthritis National Library of Medicine January 12, 2026 https://clinicaltrials.gov/study/NCT06946199