Biogen Expands Immunology Pipeline with Agreement to Acquire RayThera Inc.

Biogen has agreed to acquire private biotechnology company RayThera Inc. for up to $1 billion in an upfront payment plus milestone-based contingent payments. The acquisition adds multiple anti-inflammatory assets to Biogen's immunology portfolio, with RayThera's lead candidate expected to enter Phase 1 development in early Q3 2026. The transaction is anticipated to close in Q3 2026.