Biogen acquires RayThera in deal worth up to $1 billion
Key takeaways
- Shareholders of Ray Thera will receive an upfront payment, with the total deal value subject to increase through payments tied to hitting future clinical and regulatory benchmarks, the company said.
- Among the assets changing hands are several small-molecule drug candidates aimed at immune-mediated conditions spanning various therapeutic indications.
- "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."
Biogen acquires Ray Thera in deal worth up to $1 billion Quartz · Bloomberg / Getty Images Colleen Cabili Thu, June 18, 2026 at 8:40 PM GMT+7 2 min read BIIB Biogen agreed to acquire Ray Thera Inc., a private San Diego-based biotechnology company developing small-molecule anti-inflammatory therapies, for up to $1 billion, the companies said Wednesday.
Shareholders of Ray Thera will receive an upfront payment, with the total deal value subject to increase through payments tied to hitting future clinical and regulatory benchmarks, the company said. Closing is anticipated in the third quarter of 2026, pending customary regulatory approvals and other standard conditions. After closing, responsibility for bringing RayThera's assets through development, manufacturing, and global commercialization will transfer to Biogen.
Among the assets changing hands are several small-molecule drug candidates aimed at immune-mediated conditions spanning various therapeutic indications. The company said its most advanced program is on track to begin Phase 1 testing no later than early in the third quarter of this year.