Biogen agreed to acquire RayThera in a deal valued at up to $1 billion, aiming to deepen its immunology pipeline with small-molecule anti-inflammatory assets. RayThera’s lead program is expected to enter Phase I in early Q3 2026, giving Biogen a near-term catalyst within its broader pipeline diversification effort. Biogen said the acquisition adds multiple immune-related candidates, positioning the portfolio across several immune-mediated conditions. RayThera, founded in 2023, previously raised $110 million in a Series A round, but has shared limited public detail about its pipeline beyond early-stage indications. The deal lands as Biogen continues to expand immunology beyond its neurology heritage, including its recent purchase of Apellis in April for $5.6 billion.