Rallybio and Avenzo Therapeutics Announce Merger to Advance Next-Generation Oncology Therapies and $215 Million Concurrent Private Placement

Ropes & Gray advised Rallybio Corporation in an agreement to acquire Avenzo Therapeutics, a clinical-stage biotechnology company developing next-generation oncology therapies, through a merger transaction. Upon completion of the Merger, the combined company is expected to operate under the name Avenzo Therapeutics and is expected to trade on the Nasdaq under the ticker symbol “AVZO.” The transaction was announced on June 1 and is expected to close in the fourth quarter of 2026.

At the closing of the merger, Avenzo stockholders will receive newly issued shares of Rallybio common stock, with the exchange ratio to be determined based on the relative valuations of the two companies at closing.

In connection with the transaction, a syndicate of leading healthcare institutional investors and mutual funds has committed to invest $215 million in the financing to support advancement of multiple clinical milestones. The financing is expected to close immediately prior to the merger. In connection with the transaction, certain stockholders of Avenzo and Rallybio have executed support agreements, pursuant to which they have agreed to vote all their share of capital stock in favor of the transaction.

The Ropes & Gray team was led by mergers & acquisitions partner Zach Blume and counsel Tyler Silvey and included employment, benefits & executive compensation partner Renata Ferrari and tax partner Pamela Glazier.