UCB (UCB) Acquisition presentation summary

Acquisition overview

• Announced acquisition of Candid Therapeutics to strengthen autoimmune disease portfolio.

• Candid Therapeutics specializes in next-generation treatments for autoimmune diseases, with a focus on T-cell engagers and bispecific antibodies.

• The acquisition supports a strategy to deliver durable, biology-driven outcomes in severe immune-mediated diseases.

Strategic rationale and pipeline

• Acquisition enables a diversified immunology portfolio, combining targeted immune reset and broad inflammation control.

• Cizutamig, a BCMA x CD3 T-cell engager, is positioned as a potential best-in-class therapy for autoimmune diseases, with favorable safety and efficacy data from early clinical studies.

• Candid's pipeline includes multiple candidates targeting B-cell mediated autoimmune diseases, with opportunities for multi-indication development.

• The deal broadens reach across B-cell targets and disease mechanisms, reinforcing long-term immune reset ambitions.

Financial terms and impact

• Upfront payment of $2 billion in cash, with up to $200 million in development milestone payments.

• Transaction approved by both boards, with closing expected by end of Q2 to early Q3 2026, subject to antitrust and customary conditions.

• 2026 financial guidance remains unchanged; revenue and adjusted EBITDA expected to grow at high single-digit to mid-teens percentage range at constant exchange rates.