Biogen Agrees to Acquire RayThera for Up to $1B

Editor’s Take: The M&A market continues to move at a rapid pace. Recently, GSK’s acquisition of Nuvalent Inc. for $10.6 billion was the second largest acquisition of the year.

Biogen Inc. has agreed to acquire RayThera Inc., a private biotechnology company focused on discovering and developing small molecule therapies in immunology, for up to $1 billion, consisting of an upfront payment and payments contingent on the achievement of 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 lead candidate is expected to enter Phase 1 development in early Q3 2026.

“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,” said Priya Singhal, M.D., M.P.H., EVP and Head of Development at Biogen. “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.”

The transaction is currently anticipated to close in the third quarter of 2026. With the acquisition, once closed, Biogen will lead development, manufacturing and global commercialization of these assets.

Other Pharma Industry Acquisitions

Check out Contract Pharma’s Pharmaceutical Industry Mergers & Acquisitions Roundup.