On March 2, 2026, Rallybio and Candid Therapeutics, a global clinical-stage biotechnology company advancing a leading portfolio of T-cell engager (TCE) therapeutics for autoimmune diseases, announced that they have entered into a definitive agreement pursuant to which Rallybio will acquire Candid through a merger transaction. The combined company expects to operate under the name Candid Therapeutics and trade on Nasdaq under the ticker symbol CDRX. Wilson Sonsini Goodrich & Rosati advised Candid on patent matters related to the transaction.

In connection with the merger, Candid entered into subscription agreements for a concurrent oversubscribed and upsized private financing of over $505 million in gross proceeds with a syndicate of leading healthcare institutional investors and mutual funds. The combined company's cash balance at closing is expected to fund operations through 2030, supporting the advancement of Candid's diversified pipeline of TCE programs through multiple clinical milestones, including the initiation and clinical readouts of Phase 2 studies for cizutamig, a B-cell maturation antigen (BCMA) targeting TCE, in myasthenia gravis and interstitial lung disease (ILD) secondary to rheumatological diseases. The transaction has been unanimously approved by the boards of directors of both companies and is expected to close in mid-2026, subject to certain closing conditions.

The Wilson Sonsini team that advised Candid on patent matters related to the transaction includes Laurie McNamara, Yingchun Ni, Lucas Batties, and Michael Hostetler.

For more information, please see Candid’s news release.