Biogen to acquire RayThera for up to $1bn

Biogen has entered into a definitive agreement to acquire RayThera, a biotechnology company specializing in small-molecule therapies for immunology. The transaction value could reach up to $1 billion, comprising an upfront payment and further payments tied to the achievement of future clinical and regulatory milestones. This acquisition will add several anti-inflammatory candidates to Biogen's portfolio. RayThera's lead asset is anticipated to progress to Phase I clinical development in the early third quarter of 2026. Upon completion of the transaction, Biogen will assume responsibility for the development, manufacturing, and global commercialization of these assets. The transaction is subject to customary closing conditions, including necessary regulatory approvals, and is expected to close in the third quarter of 2026. RayThera's drug pipeline focuses on treating immune-mediated conditions across several potential indications. The acquisition aims to deepen Biogen's pipeline in immunology and allow expansion into new disease areas.