UCB to Acquire Candid Therapeutics for Up to $2.2 Billion

Belgian biopharmaceutical group UCB announced a definitive agreement to acquire privately held Candid Therapeutics, a clinical-stage biotech focused on novel T-cell engagers for autoimmune and inflammatory diseases. The transaction comprises an upfront payment of $2 billion with up to $200 million in milestone payments tied to clinical and regulatory milestones. Pending antitrust clearance, the deal is slated to close by the end of the second quarter or early third quarter of 2026.

Belgian biopharma company UCB to acquire US biotech company for 2 billion USD

The acquisition follows UCB’s recent expansion moves: a 2025 purchase of Neurona Therapeutics for up to $1.15 billion and a partnership with Chinese biotech Antengene on immunology treatments. UCB generated €7.7 billion in revenue in 2025 and operates in roughly 40 countries with more than 9,000 employees. Its current growth is driven by products such as Bimzelx, Fintepla, Rystiggo, Zilbrysq, and Evenity. Adding Candid’s pipeline aligns with UCB’s platform-driven strategy to broaden its reach across B-cell targets and to reinforce its position in antibody-mediated autoimmune disease therapy.

UCB To Acquire Candid Therapeutics For Up To $2.2 Billion

• Jean-Christophe Tellier, CEO, UCB – leads the acquisition and integration.

Belgian biopharma company UCB to acquire US biotech company for 2 billion USD

• Ken Song, MD, Chairman/CEO/President, Candid Therapeutics – heads the target company.

UCB To Acquire Candid Therapeutics For Up To $2.2 Billion

• Two River, LLC and Vida Ventures – early incubators and investors that helped found Candid through the merger of TRC 2004 and Vignette Bio.

Two River and Vida Ventures Extend Track Record of Company Creation and Value Realization Following the Candid Therapeutics’ Acquisition by UCB

• Financial advisors: Lazard (UCB), Jefferies, Goldman Sachs, BofA Securities (Candid).

UCB To Acquire Candid Therapeutics For Up To $2.2 Billion

• Legal counsel: Covington & Burling (UCB), Cooley (Candid).

UCB To Acquire Candid Therapeutics For Up To $2.2 Billion

UCB will pay $2 billion upfront. Milestone payments of up to $200 million are contingent on achieving predefined clinical trial endpoints and regulatory approvals for Candid’s lead asset, cizutamig, and its pipeline of multi-specific TCE antibodies. The agreement requires clearance from competition authorities.

UCB To Acquire Candid Therapeutics For Up To $2.2 Billion

• cizutamig is being evaluated in 10+ clinical trials across multiple autoimmune indications, with >100 patients treated to date.

UCB To Acquire Candid Therapeutics For Up To $2.2 Billion

• The bispecific antibody targets BCMA on plasma cells and CD3 on T-cells, aiming for cytotoxicity with limited cytokine release.

UCB To Acquire Candid Therapeutics For Up To $2.2 Billion

• UCB’s 2025 revenue: €7.7 billion; workforce: ~9,000.

Belgian biopharma company UCB to acquire US biotech company for 2 billion USD

UCB’s leadership emphasized that the acquisition “demonstrates our inorganic innovation strategy in action” and positions the company to “set new standards to achieve immune reset.” Candid’s CEO highlighted that joining UCB will “enable the continuation of our clinical programs” and help deliver “meaningful improvements in patient outcomes and quality of life.”

UCB To Acquire Candid Therapeutics For Up To $2.2 Billion

No dissenting viewpoints or critical commentary were reported in the available sources.

Two River and Vida Ventures Extend Track Record of Company Creation and Value Realization Following the Candid Therapeutics’ Acquisition by UCB

• “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.” — Jean-Christophe Tellier, CEO, UCB

UCB To Acquire Candid Therapeutics For Up To $2.2 Billion

• “We consider cizutamig a potentially groundbreaking agent that complements our existing programs,” — Jean-Christophe Tellier, CEO, UCB

Belgian biopharma company UCB to acquire US biotech company for 2 billion USD

• “ Jean-Christophe Tellier, Chief Executive Officer, UCB “We started Candid with the goal to redefine the standard of care for immune-mediated diseases.” — Ken Song, CEO, Candid Therapeutics

UCB To Acquire Candid Therapeutics For Up To $2.2 Billion

• “This outcome reflects the power of bringing together bold science, disciplined company building, and the right strategic partners,” — Arie Belldegrun, MD, Co-Founder of Bellco, Founder of Vida Ventures, Chairman of Two River

Two River and Vida Ventures Extend Track Record of Company Creation and Value Realization Following the Candid Therapeutics’ Acquisition by UCB

Sources differ on the total deal valuation: one describes the purchase price as “more than $2 billion,” while another cites “up to $2.2 billion” including milestones. No further clarification is provided.

Two River and Vida Ventures Extend Track Record of Company Creation and Value Realization Following the Candid Therapeutics’ Acquisition by UCB

UCB plans to complete the transaction pending antitrust approval and to integrate Candid’s assets into its pipeline. Concurrently, UCB will break ground on a new biopharmaceutical manufacturing plant in Georgia, USA, to support expanded production capacity. The combined portfolio is expected to accelerate development of next-generation therapies for severe, underserved immune-mediated diseases.

UCB To Acquire Candid Therapeutics For Up To $2.2 Billion