Biogen to acquire RayThera in up to $1 billion deal for immunology pipeline

Biogen announced it will acquire RayThera, a startup founded in 2023, in a deal valued at up to $1 billion.

The acquisition gives Biogen access to RayThera’s immunology pipeline, which includes three anti‑inflammatory candidates and one slated to begin clinical testing in the third quarter.

Financial terms include an undisclosed upfront payment, with RayThera investors eligible for additional payouts if certain clinical or regulatory milestones are met.

The move follows Biogen’s recent $5.6 billion purchase of Apellis and signals a broader shift toward immunology beyond its traditional neurology focus.