RallyBio is pursuing another path to a Nasdaq listing through a reverse merger with Avenzo Therapeutics after the earlier reverse-merger route with Candid fell apart following a UCB acquisition. The deal structure gives Avenzo shareholders a controlling stake in the combined company, and Avenzo plans to raise additional capital from new and existing investors. The merged pipeline includes Phase 1 assets spanning CDK2/CDK4 inhibitors and two bispecific antibody-drug conjugates (ADCs), with Phase 1 data already generated for an initial CDK2 inhibitor program presented at ASCO. The funding is expected to support multiple ongoing clinical development tracks through late 2028. For rare-disease and oncology investors, the move highlights how Western public-market access is increasingly tied to asset re-mixes, re-routes, and capital-intensive runway planning after deal churn.