NEW HAVEN, Conn. & SAN DIEGO, Calif., June 2, 2026

Rallybio Corporation and Avenzo Therapeutics announced a definitive merger agreement that will create a publicly traded oncology-focused biotechnology company operating under the name Avenzo Therapeutics, Inc. The transaction is supported by an oversubscribed $215 million private placement financing, providing significant capital to accelerate the development of Avenzo’s next-generation oncology portfolio. Following completion of the merger, the combined company is expected to trade on Nasdaq under the ticker symbol AVZO and will focus on advancing innovative small molecule and antibody-drug conjugate (ADC) therapies for cancer patients.

Combined Company to Advance Four Clinical-Stage Oncology Programs

Avenzo brings a diversified pipeline of four clinical-stage oncology assets targeting major unmet needs in solid tumors. The company’s selective CDK inhibitor portfolio includes AVZO-021, a CDK2 inhibitor that has demonstrated encouraging clinical activity and favorable tolerability in heavily pretreated HR+/HER2- breast cancer patients, and AVZO-023, a selective CDK4 inhibitor currently being evaluated in combination studies. In addition, Avenzo is advancing two potentially differentiated bispecific ADC programs: AVZO-1418, targeting EGFR and HER3, and AVZO-103, targeting Nectin4 and TROP2. Multiple clinical updates from these programs are expected throughout 2026 and beyond, positioning the company as a significant emerging player in precision oncology.

$215 Million Financing Strengthens Development Strategy

The merger is accompanied by an oversubscribed $215 million private placement financing backed by leading healthcare investors, including Blackstone Multi-Asset Investing, T. Rowe Price Investment Management, Vivo Capital, OrbiMed, SR One, Foresite Capital, and several other institutional investors. The financing is expected to provide operational funding into late 2028 and support multiple value-creating milestones, including updated Phase 1 clinical data, initiation of several Phase 2 studies, and continued advancement of the company’s targeted oncology pipeline. The strong investor participation reflects confidence in Avenzo’s development strategy and long-term growth potential.

Advertisement

cGxPJobs Banner

Leadership Team and Future Growth Outlook

The combined company will be led by Athena Countouriotis, M.D., Chair, President and Chief Executive Officer of Avenzo Therapeutics, alongside an experienced management team with deep expertise in oncology drug development. Under the merger terms, existing Avenzo shareholders and financing participants are expected to own approximately 97.2% of the combined company, while Rallybio shareholders will retain approximately 2.8% ownership and receive contingent value rights related to Rallybio legacy assets. With a strengthened balance sheet, multiple clinical programs, and a clear focus on innovative cancer therapies, the merged company aims to accelerate the development of next-generation oncology treatments and deliver important advances for patients with difficult-to-treat cancers

Source: Rallybio, Avenzo Therapeutics, press release