UCB agreed to acquire Candid Therapeutics for up to $2.2B, adding the company’s clinical-stage T-cell engager and expanding UCB’s autoimmune immunology pipeline. The transaction is structured around an upfront payment plus milestones, and it brings Candid’s lead asset cizutamig, a BCMA/CD3 bispecific designed for targeted cytotoxicity with cytokine-release mitigation. Cizutamig has been evaluated in more than 100 patients in multiple Phase I studies across autoimmune indications and multiple myeloma, according to deal coverage. Candid’s broader portfolio also includes additional bispecific and trispecific candidates in IND-enabling work, supporting UCB’s push toward “immune reset” strategies. The acquisition also alters Candid’s earlier reverse-merger plans with Rallybio, highlighting how corporate strategy in the T-cell engager space continues to compress timelines for platform and clinical-stage bets.