Biogen moved to strengthen its immunology pipeline by acquiring RayThera in a deal valued at up to $1 billion. The acquisition adds multiple anti-inflammatory small-molecule assets to Biogen’s portfolio, with the lead candidate expected to enter Phase I clinical development in early Q3 2026. Biogen said it will provide an undisclosed upfront payment to RayThera shareholders, with most of the total consideration tied to future clinical and regulatory milestones. RayThera, founded by Qing Dong and Gene Hung, recently completed a $110 million Series A financing and built its immunology-focused discovery program around small-molecule approaches for immune-mediated conditions. The transaction adds to Biogen’s broader immunology M&A activity, which included an April acquisition of Apellis for $5.6 billion. Biogen positioned the RayThera buy as a way to create additional “shots on goal” across immune-driven disease areas and accelerate development of at least one candidate into human trials.