Backing out of merger, T cell engager play Candid chooses UCB’s $2B bid

Weeks after mapping out a plan to reach NASDAQ via a reverse merger, Candid is choosing the M&A route instead, opting to accept a $2 billion buyout offer that gives UCB the biotech’s pipeline of T cell engagers for immune disorders.

For UCB S.A. (Euronext:UCB), the deal is a second signal this year of the Belgian pharma’s commitment to bispecifics designed to reset the immune system. It follows the company’s licensing deal with China-based Antengene Corp. Ltd. (HKEX:6996) in March for ATG-201, a T cell engager targeting CD3 and CD19, in which it paid $60 million up front...