Pharma BD Deal Intelligence
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.