Biogen to acquire RayThera for up to $1bn

The deal value comprises an upfront payment and further payments tied to the achievement of future clinical and regulatory milestones.

The proposed acquisition will add several anti-inflammatory candidates to Biogen’s portfolio, including RayThera’s lead asset, which is anticipated to progress to Phase I clinical development in the early third quarter of 2026.

RayThera’s drug pipeline focuses on treating immune-mediated conditions across several potential indications.

Upon completion of the transaction, Biogen will assume responsibility for the development, manufacturing, and global commercialisation of these assets.

Biogen executive vice-president and development head Priya Singhal said: “With this acquisition, we are further deepening our pipeline in immunology by adding a suite of assets that can allow us to expand into new disease areas.

“We believe these assets can meaningfully contribute to our long-term pipeline potential and we’re excited about the opportunity to rapidly advance the first candidate into the clinic.”

RayThera co-founder, chairman and CEO Qing Dong said: “With its strong global development capabilities in immunology, we believe that Biogen is the natural fit to move these assets forward into Phase I development and beyond.

“I am proud of our team at RayThera for the innovative pipeline we have built together and the rapid advancement of these molecules.”

The transaction remains subject to customary closing conditions, including necessary regulatory approvals, and is expected to close in the third quarter of 2026.

RayThera recently completed its Series A funding round, which was co-led by OrbiMed Advisors and Foresite Capital, with participation from TTM Capital.

Earlier this month, Biogen received a breakthrough therapy designation from the US Food and Drug Administration for salanersen (BIIB115), an investigational treatment for spinal muscular atrophy.

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