Pharma BD Deal Intelligence
Immunology pipeline expansion via preclinical small-molecule bolt-on
Full analysis, sources & comparables →On June 17, 2026, Biogen agreed to acquire RayThera Inc., a private US biotech developing small-molecule therapies in immunology, for up to $1 billion comprising an upfront payment and predominantly clinical- and regulatory-milestone payments. RayThera's portfolio includes multiple anti-inflammatory assets for immune-mediated conditions, with its lead candidate expected to enter Phase 1 in early Q3 2026. The transaction is expected to close in Q3 2026, after which Biogen will lead development, manufacturing and global commercialization. It is Biogen's second acquisition of 2026.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Biogen Inc. / RayThera Inc. (this deal) | 2026 | $1.0B | 52 |
| Biogen Inc. / Reata Pharmaceuticals | 2023 | $7.3B | 73 |
| Biogen Inc. / Human Immunology Biosciences | 2024 | $1.1B | 68 |
| Biogen Inc. / Bristol-Myers Squibb Company | 2017 | $710M | 15 |
| Biogen Inc. / Nightstar Therapeutics | 2019 | $800M | — |
| Biogen Inc. / TJ Biopharma Co., Ltd. | 2026 | $850M | — |
| Biogen Inc. / Vanqua Bio, Inc. | 2025 | $1.1B | — |
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More: 2026 deals · Biogen Inc. deals · Immunology deals