Biogen moved to deepen its immunology pipeline by agreeing to acquire RayThera for up to $1 billion, adding early-stage small-molecule anti-inflammatory candidates alongside a lead asset expected to enter Phase I in early Q3 2026. The deal structure includes an undisclosed upfront payment and milestone-based value tied to clinical and regulatory progress. RayThera, a San Diego-based startup founded in 2023 by Qing Dong and Gene Hung, previously raised $110 million in a Series A led by Foresite Capital and OrbiMed Advisors. While public details on the portfolio were limited, the acquisition press materials point to a suite of anti-inflammatory programs that could broaden Biogen beyond its traditional neurology base. Biogen’s latest immunology push follows its April purchase of Apellis Pharmaceuticals for $5.6 billion, which added complement-focused assets. Together, the transactions signal an attempt to add multiple early shots on goal across immune-mediated indications. The acquisition is expected to close in Q3 2026, giving Biogen a near-term clinical entry target for RayThera’s lead program and further diversification in its longer-dated development pipeline.