Biogen struck an early‑stage collaboration with Versant‑backed Dayra Therapeutics, paying $50 million upfront to discover oral macrocyclic peptides for immune and inflammatory targets. Dayra launched with roughly $70 million in capital and will advance macrocycle programs that aim to deliver biologic‑like selectivity in oral formats. Biogen will lead development and has options to acquire candidates; the tie‑up expands Biogen’s immunology capabilities beyond neurology. The agreement highlights renewed pharma interest in macrocycles as a modality to convert biologic targets into oral drugs.