UCB agreed to acquire Candid Therapeutics, a privately held clinical-stage biotechnology company focused on autoimmune and inflammatory diseases, for up to $2.2 billion, the companies said Sunday.

The deal calls for UCB to hand over $2 billion at closing, with an additional $200 million tied to future milestone achievements. Closing is anticipated sometime between the end of Q2 and the start of Q3, subject to antitrust clearance and other customary conditions.

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Anchoring the acquisition is cizutamig, Candid's lead investigational asset. Designed to target BCMA on plasma cells simultaneously with CD3 on T cells, the bispecific antibody recruits the immune system's T cells to eliminate disease-driving B-cell populations. Clinical data from over 100 patients spanning multiple myeloma and autoimmune disorders underpin the program, which is now being evaluated across upward of 10 different indications.

"This acquisition demonstrates our inorganic innovation strategy in action and marks a pivotal moment for UCB, as we secure a significant technological advancement in the field with the addition of cizutamig to our pipeline," UCB CEO Jean-Christophe Tellier said in a statement.

Ken Song, MD, chairman, CEO, and president of Candid Therapeutics, said in a statement that UCB's track record in immunology "will enable the continuation of our clinical programs and help deliver on the potential for our pipeline."

Beyond cizutamig, Candid is developing additional T-cell engager antibodies aimed at depleting disease-causing B-cell populations across immune-mediated diseases. Candid was established in 2024 and is headquartered in San Diego.

UCB said the financial impact of the transaction in 2026 is expected to be manageable within its existing financial framework, and it kept its 2026 guidance unchanged. The Brussels-listed company projected revenue growth in the high single-digit to low double-digit range at constant exchange rates, with adjusted EBITDA growth in the high single-digit to mid-teens range.

Sunday's announcement comes roughly two weeks after UCB completed a separate buyout of Neurona Therapeutics, a transaction that carried a $650 million upfront price tag and milestone payments of as much as $500 million, according to BioSpace.

UCB said the Candid acquisition also builds on a recently announced transaction with Antengene, reflecting a strategy focused on next-generation immunology across multiple B-cell targets.

Lazard advised UCB, with Covington & Burling LLP serving as its legal counsel. Jefferies LLC and Goldman Sachs $GS & Co. LLC acted as joint lead financial advisors to Candid, with BofA Securities also providing financial advice. Cooley LLP served as Candid's legal counsel.

UCB is snapping up U.S. autoimmune biotech Candid Therapeutics for $2.2 billion

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