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Rhode Island-based Rallybio Corporation announced a definitive agreement to acquire Avenzo Therapeutics in an all-stock reverse-triangular merger combined with $215 million in concurrent private financing. The combined company will be renamed Avenzo Therapeutics and trade on Nasdaq as AVZO. Pre-transaction Rallybio equityholders will own about 2.8 percent of the combined company.
Approximately 70 resident and fellow physicians rallied outside Rhode Island Hospital demanding Brown University Health agree to new contract terms after nearly a year of stalled negotiations. The action was organized by the Committee of Interns and Residents, part of SEIU, representing the healthcare workers.
The parent company of Croft School's Providence and Jamaica Plain locations found no buyers after three prospective bidders withdrew, according to the school's Board of Managers. The for-profit private school operator anticipates filing for bankruptcy this week. A new nonprofit, South End Village Academy, will operate the Boston South End location starting fall 2026, having already enrolled 78 students.
New England Institute of Technology and Brown University Health, partnering with Building Futures, celebrated Rhode Island's first Registered Apprenticeship Program for surgical technologists. The workforce initiative is funded by RI Department of Labor and Training's Real Jobs RI program and the Rhode Island Foundation.
Spending on the Washington Bridge project has passed $200 million as construction activity ramps up, according to state officials. The bridge has been under emergency repair since sections closed following structural failures discovered in late 2023.
The Rhode Island House of Representatives approved a $15.2 billion fiscal 2027 budget in a 65-10 vote on June 5, 2026. The spending plan is the highest in state history, featuring a phased-in millionaire's tax that raises the rate on income over $1 million by 1% per year over three years, eventually reaching 8.99% in 2029. It also creates a state inspector general's office and increases funding for healthcare, families, and public transit. All Republican lawmakers voted against the budget, citing unsustainable growth.
The Rhode Island Senate approved two bills on June 4, 2026, to restrict state and local participation in federal immigration enforcement and allow lawsuits against ICE officials in state court. The legislation, sponsored by Senate Majority Leader Frank Ciccone, passed 31-7 and permits individuals to sue federal immigration officials for constitutional violations, with a three-year statute of limitations. Similar laws have been enacted in Illinois, New York, and Vermont.
The Rhode Island House unanimously approved a joint resolution on June 3, 2026, repealing the state's May 31, 1861 ratification of the Corwin Amendment, which would have protected slavery as a states' rights issue. The rarely-known amendment never became law, as only five states ratified it before the Civil War broke out. The repeal effort was triggered by a State House publicist's archival discovery in February 2026.
The Rhode Island General Assembly advanced a new high-income tax as part of the FY2027 budget, phasing in a rate increase on income over $1 million over three years starting in 2027. The Greater Providence Chamber of Commerce warned the tax will impact many business owners who report income through LLCs, partnerships, and S-corporations, citing RIPEC research. The measure passed the House Finance Committee and awaits full legislative approval.
Governor McKee and FAA officials announced a $10 million federal grant for T.F. Green International Airport in Warwick as part of a broader $150 million expansion plan. The funding will support new terminal gates, a cargo facility, and technology upgrades to improve operational efficiency and passenger flow. The Rhode Island Airport Corporation is managing the ongoing capital program, according to federal and state officials.
Connecticut-based PopUp Bagels opened its first Rhode Island store at Garden City Center in Cranston on May 29, unveiling a limited-edition coffee milk schmear to mark the occasion. The location, which replaced Yankee Candle, drew large crowds on opening day. Store officials said the new shop represents a three-month construction project and will operate 7 a.m. to 3 p.m. daily.
