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UCB pays up to $2.2bn for Candid Therapeutics, doubling down on T-cell engagers in autoimmune disease

The Belgian pharma is buying a two-year-old San Diego biotech for $2bn upfront, the second TCE bet it has placed in months. The thesis: B-cell killers built for cancer can rewire how autoimmune diseases are treated. Candid Therapeutics is two years old. It does not have an approved drug. Its lead programme has been tested […]

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The West keeps asking how much China subsidises its industries. That is the wrong question.

The Western debate about China’s industrial rise keeps circling the same question: how much of it is subsidised? The European Commission’s anti-subsidy investigations into Chinese electric vehicles, solar panels, and wind turbines have produced tariff schedules that treat government funding as the primary explanation for Chinese competitiveness. The US Treasury and Commerce departments have imposed […]

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