UCB agreed to acquire Candid Therapeutics in a $2 billion upfront deal, aiming to accelerate its autoimmune pipeline with two clinical-stage T-cell engagers. Candid will terminate its planned reverse merger with Rallybio as UCB takes the acquisition route. The transaction includes payment of $2 billion upfront and up to $200 million in milestone payments, with closing expected by the end of the second or third quarter of 2026. UCB said the deal supports an “immune reset” strategy and highlighted cizutamig (CND-106), a BCMA/CD3-directed bispecific. The move continues large-company consolidation around T-cell engagement formats, particularly for programs sourced from China-based development networks, and may reshape near-term competitive positioning for autoimmune innovators in 2026.