RallyBio pivoted again to re-enter public markets via a reverse merger with Avenzo Therapeutics after earlier merger plans collapsed following UCB’s acquisition of Candid Therapeutics. The combined deal would give Avenzo shareholders a 97.2% stake in the new public company. Avenzo is simultaneously raising $215 million from new and existing investors including Blackstone and OrbiMed, with expected funding into late 2028 to support four Phase 1 programs. The pipeline includes CDK2 and CDK4 inhibitors and two bispecific antibody-drug conjugates in early-stage development. The news matters for rare-disease and early oncology-focused companies because it illustrates how Western public-market access is being restructured through reverse mergers when traditional pathways are disrupted by acquisitions.