A major pharmaceutical acquisition was announced Sunday as Belgium-based UCB revealed plans to purchase Candid Therapeutics, a privately-owned biotechnology company, in a transaction that could reach $2.2 billion total.
The deal structure includes an immediate payment of $2 billion to acquire the California-headquartered company, with an additional $200 million possible through future milestone achievements. Candid Therapeutics specializes in developing therapeutic treatments for autoimmune conditions.
Both companies confirmed the acquisition agreement in statements released Sunday from Paris.
