Rallybio will merge with Avenzo Therapeutics in a reverse merger designed to bring Avenzo to the Nasdaq market after Rallybio’s prior reverse-merger path was disrupted by UCB’s acquisition of Candid. The combined transaction includes a $215 million private placement from new and existing investors. Avenzo will bring four in-licensed oncology programs in clinical development, including phase 1 assets in CDK2 and CDK4 inhibition and bispecific antibody-drug conjugates. The company’s Phase 1 CDK2 inhibitor AVZO-021 reported interim activity in HR-positive, HER2-negative breast cancer patients, with a stated median progression-free survival of 5.3 months across monotherapy doses. Funding is expected to carry the company into late 2028, supporting expansion into combination regimens and additional early clinical updates during the year. The deal also highlights the growing use of NewCo and reverse-merger routes for Western market access to in-license portfolios with ties to China-based discovery pipelines.