Biogen struck a collaboration with Versant‑backed Dayra Therapeutics, paying $50 million upfront to identify and optimize oral macrocyclic peptide candidates for immunological targets, with potential additional milestone and acquisition options. Dayra debuted with over $70 million in backing and a platform that aims to deliver biologic‑like efficacy in an oral format. Dayra’s launch and Biogen pact validate investor appetite for macrocycles that bridge small‑molecule convenience and biologic specificity. The deal expands Biogen’s immunology portfolio and gives Dayra development support and commercial optionality. Industry watchers will evaluate target selection, oral bioavailability milestones, and whether macrocycles can displace injectables across high‑value immunological indications.