Biogen signed a collaboration with newly launched Dayra Therapeutics, paying $50 million up front to discover and optimize oral macrocyclic peptide candidates against immunological targets. Dayra, backed by Versant and launched with more than $70 million in capital, will supply discovery-stage oral macrocycles and Biogen will lead development and commercialization. Dayra positions oral macrocycles as a modality that can deliver biologic‑like specificity in an oral format; the deal gives Biogen access to a platform for multiple immune and inflammatory indications. Financial terms include program‑by‑program options and milestone and royalty potential. The tie-up underscores Big Pharma appetite for platform deals that can expand modality breadth and accelerate oral alternatives to injectable biologics in immune disease.