Biogen agreed to acquire RayThera in a deal valued at up to $1 billion, aiming to expand its immunology pipeline with early-stage anti-inflammatory candidates. RayThera’s lead asset is expected to enter Phase I development in early Q3 2026, giving Biogen a near-term clinical-entry opportunity alongside longer-dated milestone-linked optionality. Biogen described the acquisition as pipeline diversification beyond its core neurology franchises, while RayThera framed the move as a path to advance multiple immunology shots on goal built through small-molecule discovery efforts.