Candid Therapeutics agreed to a reverse merger with Rallybio to list on Nasdaq and raised $505 million in private financing to advance its bispecific T‑cell engager (TCE) portfolio. The deal consolidates Candid’s TCE programs, including lead candidate cizutamig (BCMA×CD3), which is slated to enter global Phase 2 studies for myasthenia gravis and interstitial lung disease. Candid’s management framed the transaction as an acceleration of a four‑asset push, while Rallybio’s board approved the combination to give its stockholders exposure to a better‑capitalized clinical‑stage company. Company statements emphasize the potential of TCEs to broaden immune‑engagement strategies beyond oncology into autoimmune indications; investors will watch early clinical data and regulatory strategy closely.