
Two River, LLC (&#34;Two River&#34;) and Vida Ventures (&#34;Vida&#34;), both part of the Bellco Health ecosystem, today acknowledged the announced acquisition of Candid Therapeutics (&#34;Candid&#34;), a privately held clinical-stage

<p xmlns="http://www.w3.org/1999/xhtml">
Two River, LLC ("Two River") and Vida Ventures ("Vida"), both part of the Bellco Health ecosystem, today acknowledged the announced acquisition of Candid Therapeutics ("Candid"), a privately held clinical-stage biotechnology company redefining the treatment of autoimmune and inflammatory diseases through novel T-cell engagers (TCEs), by UCB (Euronext: UCB), a global biopharmaceutical company, for up to $2.2 billion, including $2.0 billion upfront.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Two River and Vida played central roles in the creation and early development of Candid. Two River, together with Third Rock Ventures, helped found Candid, continuing Two River's consistent track record of founding and scaling innovative biotechnology companies as a leading incubator. Candid was formed through the merger of TRC 2004—founded by Two River—and Vignette Bio, bringing together complementary capabilities with an experienced management team to establish a leader in autoimmune TCE therapies. Through TRC 2004, Two River directly sourced one of Candid's lead assets from China, reflecting its ability to access global innovation and rapidly translate it into company creation. TRC 2004 was central in shaping the scientific and strategic foundation of Candid and reflects Two River's model of identifying differentiated biology and building companies from inception.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Vida invested in Candid as part of its broader strategy of identifying and backing high-quality entrepreneurs and differentiated assets, with a track record of supporting companies that progress through key scientific and strategic milestones.

</p><p xmlns="http://www.w3.org/1999/xhtml">
"This outcome reflects the power of bringing together bold science, disciplined company building, and the right strategic partners," said Arie Belldegrun, M.D., Co-Founder of Bellco, Founder and Senior Managing Director of Vida Ventures, and Chairman of Two River. "At Two River, we focus on identifying and incubating transformative ideas from the ground up, as demonstrated by our work with TRC 2004 and the founding of Candid. At Vida, we partner early with companies to help nurture and scale those ideas through critical inflection points. Candid exemplifies what can happen when these capabilities come together within a broader ecosystem committed to advancing important science."

</p><p xmlns="http://www.w3.org/1999/xhtml">
"Candid represents the type of company we aim to build at Two River—one grounded in differentiated biology with the potential to redefine treatment paradigms," said Joshua Kazam, a Founder and Partner of Two River. "Candid focused on generating data across multiple programs and letting clinical evidence drive decisions, enabled by fast, cost-effective execution in China. We are proud to have helped found Candid and to see its science now positioned to reach patients at global scale."

</p><p xmlns="http://www.w3.org/1999/xhtml">
Candid's trajectory reflects the broader momentum across the Bellco ecosystem, where company creation, early investment, and strategic collaboration converge to accelerate innovation. Two River's incubation model continues to support companies from inception through value-defining milestones, reinforcing its role as a repeatable company creation engine within the ecosystem.

</p><p xmlns="http://www.w3.org/1999/xhtml">
For Vida, this milestone builds on a period of exceptional momentum. In 2025, the firm delivered one of its most productive years to date, completing four strategic M&amp;A transactions and guiding a portfolio company through a successful initial public offering (IPO) in a challenging market. This momentum has continued into 2026, highlighted by two oversubscribed IPOs with Aktis Oncology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AKTS">AKTS</a>) and Avalyn Pharma (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AVLN">AVLN</a>), signaling strong investor demand for high-quality, differentiated science. Overall, these inflection points underscore Vida's multi-pillar investment strategy, which integrates deep scientific expertise with disciplined capital deployment that enables engagement across multiple entry points in the life sciences landscape—from company creation to traditional venture and venture-like public investing—positioning the firm to advance innovative science and deliver enduring value for patients, partners, and investors.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">About Two River</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Two River, LLC ("Two River") is a prominent New York-based life sciences investment and company creation firm focused on identifying, incubating, and building innovative biotechnology companies grounded in transformative science. Through its disciplined and hands-on approach, Two River has played a foundational role in the creation of multiple companies across therapeutic areas, advancing novel approaches to address significant unmet medical needs.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">About Vida Ventures</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Vida Ventures, LLC ("Vida"), founded by Arie Belldegrun, MD, is a next-generation life sciences investment firm comprised of scientists, physicians, entrepreneurs and investors, who are passionate about building and funding breakthroughs in biomedicine. Vida's mission is to bring science to life and advance transformative biomedical innovations that have the potential to make a meaningful difference for patients. Vida currently has approximately $1.8 billion of capital commitment from blue-chip institutional investors, including top-tier endowments and foundations, sovereign wealth funds, pensions, financial institutions, family offices, fund-of-funds, and high net worth individuals. Vida has offices in Los Angeles, Boston, New York, and Fort Worth and is focused on identifying groundbreaking science and building innovative companies that lead to new areas of drug discovery and development. For more information on Vida Ventures, please visit <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.vidaventures.com&amp;esheet=54527962&amp;newsitemid=20260503600344&amp;lan=en-US&amp;anchor=www.vidaventures.com&amp;index=1&amp;md5=2a2813463ab1fe9f67d7ef8d720ed9db" shape="rect">www.vidaventures.com</a>, on LinkedIn or follow on X @Vida_Ventures.

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260503600344r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260503600344/en/" rel="nofollow">https://www.businesswire.com/news/home/20260503600344/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
Jean-Philippe Kouakou-Zebouah
<br xmlns="http://www.w3.org/1999/xhtml"></br>Chief Financial Officer/Chief Operating Officer
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:jp@vidaventures.com" shape="rect">jp@vidaventures.com</a>

</p>

AKTS

Two River and Vida Ventures Extend Track Record of Company Creation and Value Realization Following the Candid Therapeutics' Acquisition by UCB

Candid Acquisition Highlights Investment Potential in Biotechnology Sector

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>Two River, LLC (&amp;#34;Two River&amp;#34;) and Vida Ventures (&amp;#34;Vida&amp;#34;), both part of the Bellco Health ecosystem, today acknowledged the announced acquisition of Candid Therapeutics (&amp;#34;Candid&amp;#34;), a privately held clinical-stage</p>
  </section>

  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>UCB&#039;s acquisition of Candid Therapeutics for $2.2 billion reflects robust investor demand in biotechnology. With AKTS&#039; recent oversubscribed IPO, this indicates favorable conditions for biotech investments driven by innovative treatments and strategic partnerships.</p>
  </section>

  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>Candid Therapeutics was acquired for up to $2.2 billion by UCB.</li><li>Two River and Vida Ventures were key in founding Candid Therapeutics.</li><li>Recent momentum includes oversubscribed IPO for AKTS in 2026.</li><li>Strong investor demand noted for differentiated biotech opportunities.</li><li>Two River&#039;s model supports innovative biotechnology company creation.</li></ul>
  </section>

  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>UCB (Euronext: UCB)</strong>: Acquisition of Candid could elevate UCB&#039;s portfolio and market presence.</li><li><strong>Aktis Oncology (AKTS)</strong>: Strong investor interest following IPO may drive stock performance.</li><li><strong>Avalyn Pharma (AVLN)</strong>: Mentioned alongside AKTS, indicating strong interest in biotech IPOs.</li></ul>
  </section>

  <section data-block="category">
    <h3>Corporate Developments</h3>
    <p>This news falls under &#039;Corporate Developments&#039; as it pertains to significant M&amp;A activities in the biotechnology sector, reflecting trends and investor interest likely leading to increased market activity and valuations.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>UCB&#039;s $2.2 billion acquisition of Candid signals strong biotechnology valuations.</li><li>Oversubscribed IPOs for AKTS may indicate a bullish trend in biotech investments.</li><li>Increased capital commitments from venture firms can boost sector-wide valuations.</li><li>Innovative T-cell therapies from companies like Candid can lead to industry shifts.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>Candid Therapeutics acquisition announced for up to $2.2 billion.</li><li>Two River and Vida Ventures played foundational roles in Candid&#039;s development.</li><li>Recent IPOs in 2026 were notably oversubscribed, including for AKTS.</li><li>Vida Ventures completed four M&amp;A transactions in 2025.</li><li>Candid focuses on autoimmune therapies through T-cell engagers.</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>AKTS is likely to experience a positive price movement in the next quarter due to increasing investor interest in biotechnology.</p>
  </section>
</section>


<p xmlns="http://www.w3.org/1999/xhtml">
Two River, LLC ("Two River") and Vida Ventures ("Vida"), both part of the Bellco Health ecosystem, today acknowledged the announced acquisition of Candid Therapeutics ("Candid"), a privately held clinical-stage biotechnology company redefining the treatment of autoimmune and inflammatory diseases through novel T-cell engagers (TCEs), by UCB (Euronext: UCB), a global biopharmaceutical company, for up to $2.2 billion, including $2.0 billion upfront.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Two River and Vida played central roles in the creation and early development of Candid. Two River, together with Third Rock Ventures, helped found Candid, continuing Two River's consistent track record of founding and scaling innovative biotechnology companies as a leading incubator. Candid was formed through the merger of TRC 2004—founded by Two River—and Vignette Bio, bringing together complementary capabilities with an experienced management team to establish a leader in autoimmune TCE therapies. Through TRC 2004, Two River directly sourced one of Candid's lead assets from China, reflecting its ability to access global innovation and rapidly translate it into company creation. TRC 2004 was central in shaping the scientific and strategic foundation of Candid and reflects Two River's model of identifying differentiated biology and building companies from inception.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Vida invested in Candid as part of its broader strategy of identifying and backing high-quality entrepreneurs and differentiated assets, with a track record of supporting companies that progress through key scientific and strategic milestones.

</p><p xmlns="http://www.w3.org/1999/xhtml">
"This outcome reflects the power of bringing together bold science, disciplined company building, and the right strategic partners," said Arie Belldegrun, M.D., Co-Founder of Bellco, Founder and Senior Managing Director of Vida Ventures, and Chairman of Two River. "At Two River, we focus on identifying and incubating transformative ideas from the ground up, as demonstrated by our work with TRC 2004 and the founding of Candid. At Vida, we partner early with companies to help nurture and scale those ideas through critical inflection points. Candid exemplifies what can happen when these capabilities come together within a broader ecosystem committed to advancing important science."

</p><p xmlns="http://www.w3.org/1999/xhtml">
"Candid represents the type of company we aim to build at Two River—one grounded in differentiated biology with the potential to redefine treatment paradigms," said Joshua Kazam, a Founder and Partner of Two River. "Candid focused on generating data across multiple programs and letting clinical evidence drive decisions, enabled by fast, cost-effective execution in China. We are proud to have helped found Candid and to see its science now positioned to reach patients at global scale."

</p><p xmlns="http://www.w3.org/1999/xhtml">
Candid's trajectory reflects the broader momentum across the Bellco ecosystem, where company creation, early investment, and strategic collaboration converge to accelerate innovation. Two River's incubation model continues to support companies from inception through value-defining milestones, reinforcing its role as a repeatable company creation engine within the ecosystem.

</p><p xmlns="http://www.w3.org/1999/xhtml">
For Vida, this milestone builds on a period of exceptional momentum. In 2025, the firm delivered one of its most productive years to date, completing four strategic M&amp;A transactions and guiding a portfolio company through a successful initial public offering (IPO) in a challenging market. This momentum has continued into 2026, highlighted by two oversubscribed IPOs with Aktis Oncology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AKTS">AKTS</a>) and Avalyn Pharma (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AVLN">AVLN</a>), signaling strong investor demand for high-quality, differentiated science. Overall, these inflection points underscore Vida's multi-pillar investment strategy, which integrates deep scientific expertise with disciplined capital deployment that enables engagement across multiple entry points in the life sciences landscape—from company creation to traditional venture and venture-like public investing—positioning the firm to advance innovative science and deliver enduring value for patients, partners, and investors.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">About Two River</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Two River, LLC ("Two River") is a prominent New York-based life sciences investment and company creation firm focused on identifying, incubating, and building innovative biotechnology companies grounded in transformative science. Through its disciplined and hands-on approach, Two River has played a foundational role in the creation of multiple companies across therapeutic areas, advancing novel approaches to address significant unmet medical needs.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">About Vida Ventures</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Vida Ventures, LLC ("Vida"), founded by Arie Belldegrun, MD, is a next-generation life sciences investment firm comprised of scientists, physicians, entrepreneurs and investors, who are passionate about building and funding breakthroughs in biomedicine. Vida's mission is to bring science to life and advance transformative biomedical innovations that have the potential to make a meaningful difference for patients. Vida currently has approximately $1.8 billion of capital commitment from blue-chip institutional investors, including top-tier endowments and foundations, sovereign wealth funds, pensions, financial institutions, family offices, fund-of-funds, and high net worth individuals. Vida has offices in Los Angeles, Boston, New York, and Fort Worth and is focused on identifying groundbreaking science and building innovative companies that lead to new areas of drug discovery and development. For more information on Vida Ventures, please visit <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.vidaventures.com&amp;esheet=54527962&amp;newsitemid=20260503600344&amp;lan=en-US&amp;anchor=www.vidaventures.com&amp;index=1&amp;md5=2a2813463ab1fe9f67d7ef8d720ed9db" shape="rect">www.vidaventures.com</a>, on LinkedIn or follow on X @Vida_Ventures.

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260503600344r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260503600344/en/" rel="nofollow">https://www.businesswire.com/news/home/20260503600344/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
Jean-Philippe Kouakou-Zebouah
<br xmlns="http://www.w3.org/1999/xhtml"></br>Chief Financial Officer/Chief Operating Officer
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:jp@vidaventures.com" shape="rect">jp@vidaventures.com</a>

</p>

UCB's acquisition of Candid Therapeutics for $2.2 billion reflects robust investor demand in biotechnology. With AKTS' recent oversubscribed IPO, this indicates favorable conditions for biotech investments driven by innovative treatments and strategic partnerships.

Two River and Vida Ventures Extend Track Record of Company Creation and Value Realization Following the Candid Therapeutics' Acquisition by UCB

AI Summary

Sentiment Rationale

Trading Thesis

Market-Moving

Key Facts

Companies Mentioned

Corporate Developments

Related News