Rallybio moved to a new reverse-merger structure with Avenzo to reach Nasdaq after its prior Candid deal was overtaken by a UCB acquisition. The new transaction pairs a reverse merger with a $215 million private placement, with the capital planned to support multiple phase 1 clinical programs. Avenzo brings an early pipeline including CDK2 and CDK4 inhibitor assets as well as two antibody-drug conjugates, while sharing phase 1 clinical progress tied to HR-positive, HER2-negative breast cancer and additional solid-tumor programs. The deal underscores how market access has become a solvable problem through alternative pathways—reverse mergers plus institutional capital—when M&A exits remove earlier routes. For biotech investors and partners, the execution risk now centers on near-term clinical proof generation and the timing of funding runway relative to study readouts.