UCB agreed to buy bispecific T-cell engager maker Candid Therapeutics in a deal valued at $2.2 billion, betting on autoimmune “immune reset” therapies and China-sourced assets. Under the terms announced May 3, UCB will pay $2 billion upfront and up to $200 million in potential milestones, with the acquisition expected to close in the second or third quarter of 2026. Candid’s lead program is cizutamig (CND-106), a BCMA/CD3-directed TCE, alongside additional portfolio drugs licensed from China-based biotechs. UCB said the acquisition demonstrates its inorganic innovation strategy and framed TCEs as part of the next wave for immune-mediated disease care. The transaction also underscores how quickly large pharma is consolidating specialist TCE capabilities—particularly those with China development origins—to build pipeline depth in immunology beyond oncology.