Versant Ventures‑backed Dayra Therapeutics launched with a research and option pact from Biogen that includes a $50 million upfront payment to develop oral macrocyclic peptides for immune and inflammatory diseases. Dayra’s platform aims to create orally bioavailable macrocycles that can access intracellular targets. Biogen’s deal underscores Big Pharma interest in new oral modalities to expand neuroscience and immunology pipelines and provides Dayra with capital and a commercialization partner for later‑stage development.