UCB to Acquire San Diego-Based Candid Therapeutics for Up to $2.2 Billion

Belgian pharmaceutical giant UCB has announced it will acquire San Diego-based Candid Therapeutics in a deal worth up to $2.2 billion, adding the biotech startup’s T-cell engager antibody platform to its immunology pipeline.

The acquisition upends Candid’s earlier plans for a reverse merger with Connecticut-based Rallybio, which was announced in late 2025. Instead, UCB will absorb Candid’s team and technology, with the San Diego operations expected to continue as a research hub.

What Candid Does

Candid Therapeutics develops T-cell engager antibodies — a class of immunotherapy drugs that redirect the body’s immune cells to target specific disease-causing proteins. The company’s lead programs focus on autoimmune diseases, an area of intense pharmaceutical interest.

The company was founded in 2022 and had raised approximately $300 million in venture funding before the acquisition announcement.

Deal Terms

UCB will pay approximately $1.3 billion upfront, with an additional $900 million in milestone payments tied to clinical and regulatory progress. The deal is expected to close in the third quarter of 2026, subject to regulatory approval.

Impact on San Diego Biotech

The acquisition is the latest in a series of major deals reinforcing San Diego’s position as one of the top biotech hubs in the country. The region is home to more than 1,200 life science companies and employs over 70,000 people in the sector.

“This deal validates what we’ve been building here,” said a San Diego venture capital investor who asked to speak on background. “The quality of science coming out of this region continues to attract global attention.”

Source: UCB press release, SEC filings, San Diego Regional EDC data on life sciences employment.