Rallybio to Merge with Candid Therapeutics, Secures Over $505M in Upsized Financing
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Rallybio Corporation announced a definitive merger agreement to acquire private clinical-stage biotech Candid Therapeutics in a reverse merger. The combined company will operate as Candid Therapeutics and trade under a new ticker, "CDRX." This transformative deal includes a concurrent, oversubscribed private financing of over $505 million, which is expected to fund the combined entity's operations through 2030. While existing Rallybio shareholders will face significant dilution, owning approximately 3.65% of the new company, the substantial capital infusion provides a long runway for Candid's T-cell engager pipeline for autoimmune diseases. The transaction is subject to shareholder approvals and is expected to close in mid-2026.
At the time of this announcement, RLYB was trading at $7.45 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $39.8M. The 52-week trading range was $1.76 to $7.78. This news item was assessed with neutral market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.