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  • UCB bets $2.2B on Candid's T-cell engagers & Windward raises $165M to challenge asthma leaders

UCB bets $2.2B on Candid's T-cell engagers & Windward raises $165M to challenge asthma leaders

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Joachim Eeckhout & Eduardo Longoria
May 05, 2026

Good morning, from the Swiss Biotech Day in Basel, where yesterday we had a front-row seat as Winward’s CEO shared the company’s latest announcement. More details below.

— Joachim E.

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SNAPSHOT

UCB bets $2.2B on next-gen immune therapies with Candid acquisition

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UCB will acquire startup Candid Therapeutics for up to $2.2 billion, gaining a portfolio of bispecific antibody drugs aimed at treating autoimmune diseases by “resetting” the immune system.

Why it matters: The deal is one of the largest bets yet on autoimmune T-cell engagers, a fast-emerging field that aims to bring oncology-style immune redirection into autoimmune disease without the complexity of autologous CAR-T therapy.

Backstory: Candid launched only in September 2024 with a US$370m Series A, formed through a financing round, the acquisition of Vignette Bio and TRC 2004, and licensing of their lead assets. Its CEO, Ken Song, previously led RayzeBio, which Bristol Myers Squibb acquired for about US$4.1bn in 2024.

Big picture: UCB is positioning itself at the forefront of a fast-growing, competitive field that could redefine care for diseases like lupus and multiple sclerosis. The deal follows its March licensing of Antengene’s ATG-201, a CD19/CD3 bispecific T-cell engager for B-cell-related autoimmune diseases. Together, the moves suggest UCB is assembling an autoimmune T-cell engager portfolio before the field becomes more crowded.

Zoom in: UCB will pay $2B upfront, plus up to $200M in milestones. Candid brings four bispecific programs; two are already in early human trials. Lead drug cizutamig targets BCMA on B cells, directing T cells to eliminate harmful immune cells. It has been tested in 100+ patients and is being studied across 10+ autoimmune conditions. The therapy aims to reduce risks like cytokine release syndrome, a key safety concern.

SNAP AGAIN

Windward raises $165M to challenge asthma leaders with twice-yearly biologic

Windward Bio secured $165 million in financing to advance its long-acting anti-TSLP antibody, WIN378, into phase 3 trials, aiming to compete with existing asthma therapies like Tezspire.

Why it matters: If successful, a twice-yearly dosing schedule could significantly improve convenience and adherence compared to current monthly treatments, offering a potential edge in a crowded and high-value respiratory market.

Backstory: TSLP (thymic stromal lymphopoietin) is a key “master switch” in the inflammatory cascade, making it a prime target in diseases like asthma. Amgen and AstraZeneca’s Tezspire validated the approach in 2021, sparking a wave of competition from biotech and pharma players.

Zoom in: WIN378 is in a phase 2/3 asthma trial, with early data expected soon. Phase 3 launch is planned for Q4 2026. A COPD trial will begin by mid-2026. Windward is also advancing WIN027, a TSLP×IL-13 bispecific, into multiple studies. Backers include OrbiMed, RA Capital, Sanofi Ventures, and Novo Holdings.

Big picture: Basel-based Windward is part of a broader surge in next-generation immunology drugs, including bispecific antibodies and long-acting biologics. The company’s strategy reflects a growing industry focus on differentiation through dosing convenience and durability, not just efficacy.

What’s next: Upcoming clinical readouts will determine whether WIN378 can match or exceed rivals’ efficacy while proving its long-acting advantage. Multiple trials across respiratory and dermatology indications are set to begin over the next year.

SNIPPETS

What’s happening in biotech today?

 🚀 AAV ambition: Latus Bio announced a $97M Series A financing, including a $43M extension led by 8VC, to advance its scalable gene therapy platform and pipeline targeting larger patient populations. Funds will support key milestones for its lead programs: LTS-201 for Huntington’s disease, expected to enter clinical trials in 3Q 2026, and LTS-101 for CLN2 disease, with initial clinical data anticipated by late 2026. The company’s approach uses engineered AAV capsids and optimized delivery methods to enable efficient, low-dose treatments with improved safety and scalability. Latus aims to expand gene therapy beyond rare diseases into broader indications across CNS and other organ systems.

🏆 Trial win: Celcuity’s pan-PI3K/mTOR inhibitor gedatolisib met the primary endpoint in the phase 3 VIKTORIA-1 trial, showing significantly improved progression-free survival compared to Novartis’ Piqray in PIK3CA-mutant breast cancer when used in combination regimens. The results support a planned supplemental FDA filing, alongside an ongoing review in PIK3CA-wild-type patients with a decision expected by July 2026. Positive data could enable rapid label expansion and global regulatory efforts, while analysts forecast potential sales of $2.1B by 2032. However, ultimate commercial success will depend on detailed efficacy and safety data, particularly regarding tolerability concerns such as stomatitis, as well as competitive pressures.

😌 Itch relief: Mirum Pharmaceuticals reported positive phase 2 results for volixibat, an IBAT inhibitor, showing a significant reduction in severe itching in patients with primary sclerosing cholangitis compared to placebo, meeting the trial’s primary endpoint. The company plans to meet with the FDA in June and submit a new drug application in the second half of 2026. While the treatment demonstrated meaningful symptom improvement in a condition with no approved therapies, safety concerns remain, including higher discontinuation rates and liver-related biomarker elevations. Mirum is further analyzing safety data and continues to study volixibat in other liver diseases, including primary biliary cholangitis.

💉 Dose shrink: Takeda reported that its subcutaneous immunoglobulin therapy TAK-881 met the primary endpoint in a pivotal phase 2/3 trial, demonstrating pharmacokinetic comparability to its existing treatment HyQvia in patients with primary immunodeficiency. The higher-concentration formulation enables delivery of the same dose with roughly half the infusion volume, potentially reducing infusion time while maintaining once-monthly dosing. Secondary results showed comparable efficacy, safety, and infection protection to HyQvia. TAK-881 may offer improved convenience through fewer injection sites and greater flexibility, and Takeda plans regulatory submissions in the U.S., EU, and Japan during its 2026 fiscal year.

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