Rallybio-Avenzo Tie-Up Secures $215M Financing, Rallybio Owners Get 2.8% Stake

Rallybio Corp and Avenzo Therapeutics will combine under the Avenzo Therapeutics name and trade on Nasdaq under the ticker AVZO, with the transaction expected to close in Q4 2026.

Avenzo secured $215 million in private placement financing from Vivo Capital, Lilly Asia Ventures, Blackstone Multi-Asset Investing and others to fund operations into late 2028. Upon closing, existing Avenzo shareholders will own 97.2% of the combined company, while Rallybio shareholders will hold 2.8%.

Avenzo brings four clinical-stage oncology programs, including targeted small molecules and antibody-drug conjugates like AVZO-021 and AVZO-023 for breast cancer, and AVZO-1418 and AVZO-103 across multiple tumor types. Rallybio’s pipeline focuses on therapies for rare blood disorders and immune system dysfunction diseases.

Rallybio shares surged over 20% to their highest levels in more than two years following the merger announcement, contributing to a 230% gain year-to-date despite prevailing bearish retail sentiment. Halper Sadeh LLC has launched an investigation into whether the transaction secures a fair price for Rallybio shareholders.