Avenzo Therapeutics to go public via reverse merger with Rallybio after Candid partnership ends

On June 1, 2026, Avenzo Therapeutics announced that it will become a publicly traded company through a reverse merger with Rallybio, securing a Nasdaq listing after its previous partner, Candid, ended the collaboration.

Avenzo has been noted as one of the early biotech firms to receive significant Western venture capital support for licensing Chinese drug assets. The loss of Candid’s backing prompted the company to seek an alternative path to the public markets.

The reverse merger with Rallybio is expected to provide Avenzo with the necessary platform to continue its development programs and give investors a new entry point into its pipeline.