EDDING GENOR (ASX: 06998) has announced the completion of the sale of its entire equity interest in Candid Therapeutics, Inc. The company received proceeds of $48.4196 million from the sale on July 16, 2026, as confirmed by the escrow payment agent for UCB S.A.
The transaction is part of a merger agreement executed on May 3, 2026, between UCB, its merger subsidiary, and Candid. Under this agreement, UCB's subsidiary will merge with and into Candid, with Candid continuing as the surviving entity and becoming an indirectly wholly-owned subsidiary of UCB.
As a shareholder of Candid bound by a voting agreement, EDDING GENOR was contractually obligated to vote in favor of the merger. Following the merger's completion, all Candid shares held by the company—totaling 12.5 million shares of common stock, representing approximately 2.29% of Candid's issued and outstanding share capital—were automatically converted into the right to receive a cash consideration.
The company clarified that it was not among the shareholders whose approval was required for the merger. The obligation to vote for the merger was triggered once the Candid board and the necessary Candid shareholders approved the transaction.
UCB's acquisition of Candid, announced on May 3, 2026, involved an upfront payment with potential future milestone payments. The acquisition has now been finalized.
The board of EDDING GENOR believes the divestment allows the company to realize the value of the equity portion received from the out-licensing of GB261 in August 2024. The proceeds from the sale are expected to strengthen the group's cash position.
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