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UCB : Financial Reporting Document
Published 5d ago
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UCB : Financial Reporting Document

UCB to Acquire Candid Therapeutics

Committed to Improving Lives of People Living with Autoimmune Diseases

May 2026



UCB's Patient Value Strategy

Advancing to Immune Reset

Evolving to deliver more value for patients

Clinical response

Deeper clinical response

(with more patients achieving remission)

Disease modification

Long-lasting drug-free remission

Complete restoration of health and resolution of damage

Proprietary and Confidential Property of UCB

UCB's ambition is to become a leader in immune reset, restoring immune balance and enabling deep, durable, treatment-free remission across autoimmune diseases

Combining internal innovation, licensing, and acquisitions to build a scalable T-cell engager platform, reinforcing long-term immune-disease ambition

Cizutamig, in multiple Phase 1 studies, is positioned as a potential best-in-class BCMA × CD3 T-cell engager for autoimmune diseases, enabling targeted T-cell-mediated B-cell cytotoxicity, while mitigating cytokine release and ICANS

Together with Antengene license, this acquisition is set to broaden UCB's reach across multiple B-cell targets and disease mechanisms, strengthening innovative immune-reset breadth

potential cure

INFLAMMATION SUPPRESSION

RESOLUTION OF INFLAMMATION

IMMUNE RESET

Note: BCMA = B cell maturation antigen; CD3 = Cluster of Differentiation ; TCE = T-Cell Engager; ICANS = Immune Effector Cell-Associated Neurotoxicity Syndrome

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Candid Therapeutics



Advancing Next-Generation Treatments for Autoimmune Diseases

Company Description & Pipeline Overview





HQ: San Diego, CA

Founded in 2024

~50 employees across U.S. and China

Private Company



Drug Candidate

Clinical Focus

Discovery

IND-Enabling

Phase 1

Phase 2

Phase 3

Cizutamig

Autoantibody autoimmune diseases1

BCMAxCD3

CND261

Autoimmune diseases2

CD20xCD3

CND319

Autoimmune diseases

CD19xCD20xCD3

CND460

Autoimmune diseases

BCMAxCD19xCD3





Proprietary and Confidential Property of UCB

Note: BCMA = B-cell Maturation Antigen; U.S. = United States

  1. Phase 1 multiple myeloma (MM) completed (40 patients).

  2. Phase 1 Non-Hodgkin's lymphoma (NHL) completed (93 patients). 4

Cizutamig: A Next-Generation Approach to Immune Reset

  • Potential to be a best-in-class BCMA TCE for autoimmune disease

  • Robust on-target human biology, supported by early clinical efficacy signals

POTENTIAL FOR LEADING POSITION IN

  1. BCMA-TARGETED AUTOIMMUNE THERAPIES

    • >100 patients evaluated including 68 autoimmune patients across multiple indications in China and Europe.

Proprietary and Confidential Property of UCB

  1. MEANINGFUL EARLY CLINICAL DATASET

    Cizutamig

    BCMA x CD3 TCE

    • Favorable tolerability allowing outpatient dosing1

    • Favorable safety profile, characterized by predominantly low-grade, manageable CRS and no ICANS

  1. FAVORABLE TOLERABILITY & SAFETY

    • Early studies across multiple autoimmune diseases (including MG, SLE, RA and SSc-ILD) provide insights into biological activity and dosing strategies2

    • Planned Global Phase 2 studies in MG and SARD-ILD

    • Potential to expand development across a range of antibody-mediated autoimmune conditions

  1. MULTI-INDICATION DEVELOPMENT OPPORTUNITY





Note: 1. Candid Therapeutics Plans to Initiate Multiple Phase 2 Studies Following Promising Clinical Data of T-cell Engagers in Autoimmune Diseases - Candid Therapeutics; 2. https://clinicaltrials.gov/; BCMA = B cell maturation antigen; CRS = cytokine release syndrome; ICANS = Immune effector cell-associated neurotoxicity syndrome; ILD = interstitial lung disease; MG = myasthenia gravis: RA = rheumatoid arthritis; RRMM = Relapsed or Refractory Multiple Myeloma: SLE = systemic lupus erythematosus; SARD-ILD =Systemic Autoimmune

Rheumatic Diseases Associated interstitial lung disease; TCE = T-Cell Engager. 5

Accelerating Future Growth

Strategic Rationale for Acquiring Candid Therapeutics



Proprietary and Confidential Property of UCB

Enables a diversified immunology portfolio combining targeted immune reset and broad inflammation control to deliver more durable, biology-driven outcomes in severe immune-mediated diseases

Cizutamig, currently in multiple Phase 1 studies, is positioned as a potential best-in-class BCMA T-cell engager for autoimmune diseases and brings a highly experienced TCE and bispecific antibody development team

+

Candid's BCMA-targeted development strategy has the potential to span multiple diseases characterized by autoantibody-driven pathology offering the opportunity for deep, durable immune reset

Candid provides the opportunity to establish a presence in the field of BCMA-based TCEs and to acquire critical immune-reset experience in B cell depletion across multiple patient populations





Note: BCMA = B-cell Maturation Antigen; TCE = T-Cell Engager

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Compelling Value Proposition for All Stakeholders

Terms Upon Closure of the Transaction

Consideration

  • Upfront of $2bn in cash

  • Development milestone payments of up to $200mm

Timing

  • Transaction approved by the Boards of both companies

  • Closing subject to antitrust clearances and other customary closing conditions

  • Closing expected by end of Q2 - early Q3 2026

Financial impact

  • 2026 financial impact expected to be manageable within UCB's disciplined framework. Most recent 2026 financial guidance remains unchanged, with revenue expected to grow in a high single-digit to low double-digit percentage range at constant exchange rates (CER). 2026 underlying profitability, measured by adjusted EBITDA, is expected to grow in a high single-digit to mid-teens percentage range (CER)



Proprietary and Confidential Property of UCB

* These expectations exclude the potential impact of U.S. tariffs and any implications related to a Most Favoured Nation (MFN) pricing arrangement, as no final outcomes have been determined at this stage.

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Proprietary and Confidential Property of UCB

For further information:

Investor Relations

investor-relations@ucb.com

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Proprietary and Confidential Property of UCB



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