Avenzo Therapeutics moved toward a Nasdaq listing through a reverse merger with Rallybio, raising $215 million alongside the transaction. The deal is framed as a NewCo model where assets licensed from biotechs with ties to China can be developed globally. Avenzo plans to advance four clinical programs backed by in-licensed oncology assets, including phase 1 work on CDK2/CDK4 inhibitors and bispecific antibody-drug conjugates. The funding is expected to support operations into late 2028. The structure highlights ongoing interest in public-market entry strategies that combine capital infusions with diversified, early clinical pipelines as traditional IPO pathways remain selective.