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Candid Therapeutics will go public through a reverse merger as it seeks to prove whether T cell engagers can shake up the treatment of autoimmune diseases.
The San Diego and Shanghai biotech is reverse-merging with Rallybio, which made its Nasdaq debut in 2021 but has fallen on hard times as its pipeline has faltered and it has cut staff. Reverse mergers are often a way for a private company on the rise to take over the stock listing of a company on the way down, going public without the paperwork and scrutiny of the traditional IPO process.
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