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Covington Represents UCB in its Acquisition of Candid Therapeutics for up to $2.2 Billion

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  • Covington Represents UCB in its Acquisition of Candid Therapeutics for up to $2.2 Billion

NEW YORK—Covington advised UCB, a global biopharmaceutical company, in its entry into a definitive agreement under which it would acquire Candid Therapeutics, a privately held clinical-stage biotechnology company redefining the treatment of autoimmune and inflammatory diseases through novel T-cell engagers (TCEs).

Under the terms of the agreement, UCB will make upfront payments of $2 billion and up to $200 million in potential future milestone payments.

The Covington team was led by J. D. Weinberg, Kyle Rabe, Andrew Ment, Gustavo Akkerman, Olivia Xie, and Ben Sovocool (M&A), Winsome Cheung (licensing/collaboration), Denise Esposito (regulatory), Megan Woodford (benefits), and Ansgar Simon (tax).

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