Candid Therapeutics struck a reverse merger with Rallybio and secured roughly $505 million in private financing to support advancement of its T‑cell engager pipeline. The combined company will trade under the ticker CDRX and focus on bispecific T‑cell engagers such as cizutamig, expected to enter global Phase 2 testing in myasthenia gravis and interstitial lung disease. Boards of both companies approved the deal; management framed the financing and merger as resources to accelerate clinical development and commercialization.