Biogen announced that it has entered into a definitive agreement to acquire RayThera, a private biotechnology company focused on discovering and developing small-molecule therapies in immunology.
The deal is valued at up to $1 billion, comprising an upfront payment and payments predominantly contingent on achieving future clinical and regulatory milestones.
RayThera’s portfolio includes multiple anti-inflammatory assets that could potentially treat immune-mediated conditions across a range of indications. The company’s lead candidate is expected to enter Phase 1 development in early Q3 2026.
Biogen said the acquisition will expand its immunology pipeline and add a suite of assets that could help the company move into new disease areas.
Under the terms of the agreement, Biogen will make an upfront payment to RayThera’s shareholders. RayThera shareholders will also be eligible for clinical and regulatory milestone payments.
The transaction is subject to customary closing conditions, including necessary regulatory approvals, and is expected to close in the third quarter of 2026.
After the acquisition closes, Biogen will lead development, manufacturing, and global commercialization of the acquired assets.
RayThera is based in San Diego and was co-founded by Qing Dong and Gene Hung. The company recently completed a Series A financing co-led by Foresite Capital and OrbiMed Advisors, with participation from TTM Capital.
KEY QUOTES:
“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.”
Priya Singhal, Executive Vice President and Head of Development at Biogen
“With its strong global development capabilities in immunology, we believe that Biogen is the natural fit to move these assets forward into Phase 1 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.”
Qing Dong, Co-Founder, Chairman and CEO of RayThera
