Biogen to acquire San Diego biotech RayThera in up to $1 billion deal

Biogen announced it will acquire RayThera, a San Diego-based biotech, in a transaction valued at up to $1 billion.

The agreement specifies that most of the payment will be made through milestone-based installments rather than cash up front.

RayThera has remained largely secretive about its drug pipeline, having only briefly introduced itself last year.

The deal expands Biogen's portfolio in the anti-inflammatory space, though details on the specific programs remain undisclosed.