On September 9, 2024, Candid Therapeutics, Inc. (Candid), a biotechnology company dedicated to developing potentially transformative drugs to address autoimmune diseases, announced its official launch, as well as its acquisition of Vignette Bio and TRC 2004 and a fundraise of over $370 million in capital from an extensive roster of investors. Wilson Sonsini Goodrich & Rosati advised Candid on patent matters related to the transaction.

To accelerate development of and position Candid to become the leader in T-cell engager (TCE) antibodies for autoimmune diseases, Candid acquired Vignette Bio and TRC 2004 through a simultaneous three-way merger and multi-step financing, integrating two cutting-edge bispecific TCEs: CND106, a BCMAxCD3 bispecific antibody from Vignette Bio, and CND261, a CD20xCD3 bispecific antibody from TRC 2004.

Candid’s fundraise of over $370 million in capital includes a recently completed financing co-led by Venrock Healthcare Capital Partners, Fairmount, TCGX, and venBio Partners. Other notable healthcare investors supporting the company include Foresite Capital, Third Rock Ventures, Fidelity Management & Research Company, Samsara BioCapital, Qiming Venture Partners USA, OrbiMed, Boxer Capital, Redmile Group, Vida Ventures, Two River, Franklin Templeton, LifeSci Venture Partners, Mirae Asset Capital Life Science, Polaris Innovation Fund, Soleus Capital, and other reputable institutional and mutual fund investors.

The Wilson Sonsini team that advised Candid on patent matters related to the transaction included Laurie McNamara, Mike Hostetler, and Feng Tian.

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