The company is led by a team including president and CEO Ken Song, who previously led the radiopharmaceutical developer RayzeBio until its acquisition by Bristol Myers Squibb for $4.1 billion earlier this year. Chief medical and scientific officer Timothy Lu was also an executive at autoimmune disease specialist DICE Therapeutics until it was snapped up by Eli Lilly for $2.4 billion in 2023.
Autoimmune diseases happen when immune cells called B lymphocytes produce antibodies that attack healthy tissue. They are typically treated using immunosuppressant drugs and biologics such as rituximab (Rituxan), which depletes B lymphocytes in the blood. However, Rituxan can also deplete B cells that are not harmful, leading to side effects, and some patients stop responding to the treatment.
An emerging alternative approach is T-cell engagers (TCEs). These molecules are types of bispecific antibodies that can bind to two different types of target at the same time – one sticks to a harmful cell, and the other binds to an immune T cell, causing the death of the harmful cell. While T-cell engagers are best known as treatments for cancer, Candid is betting on the technology’s potential to selectively remove immune cells driving autoimmune diseases.
“TCE antibodies have the most promise as scalable and patient friendly drugs to deplete B cells for treatment of a myriad of autoimmune conditions and represents a once in a generation development opportunity,” said Song in a public release, adding that the company’s pipeline drugs have the “potential to go above and beyond the clinical and commercial success” of blockbusters Humira and Rituxan.
Drug candidates' potential to be used in autoimmune conditions
Early on in its development, Candid acquired the Foresite Labs-founded Vignette Bio and TRC 2004, which was set up by Two River and Third Rock Ventures. As a part of the deal, Candid added two bispecific TCE candidates to its pipeline: Vignette’s CND106 which was in-licensed from EpimAb Biotherapeutics and CND261, which was licensed by TR 2004’s founders from Genor Biopharma. The two drug candidates were tested in oncology patients in Phase 1 dose escalation studies and have the potential to be used in autoimmune conditions.
Additionally, Candid’s huge financial backing includes a recent funding round co-led by Venrock Healthcare Capital Partners, Fairmount, TCGX, and venBio Partners, with other shareholders including Foresite and Third Rock.
A growing awareness of autoimmune diseases and emerging technologies are driving an annual growth of 5.6% in the global autoimmune disease therapeutics market, with the value set to jump from $71.5 billion in 2023 to $123.5 billion by 2033.
There is a range of T-cell engagers approved by the US Food and Drug Administration (FDA) to fight cancer including Johnson & Johnson’s talquetamab (Talvey) and Amgen’s blinatumomab (Blincyto) and tarlatamab (Imdelltra). T-cell engagers are also provoking major big pharma interest, with examples including AstraZeneca’s acquisition of TeneoTwo for $100 million upfront in 2022 and MSD’s $680 million takeover of Harpoon Therapeutics in January this year.
