Biogen is buying anti-inflammatory drug startup RayThera for up to $1 billion

The deal adds multiple small-molecule anti-inflammatory drug candidates to Biogen's pipeline, with the lead asset set to begin human trials this summer

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Biogen $BIIB agreed to acquire RayThera Inc., a private San Diego-based biotechnology company developing small-molecule anti-inflammatory therapies, for up to $1 billion, the companies said Wednesday.

Shareholders of RayThera will receive an upfront payment, with the total deal value subject to increase through payments tied to hitting future clinical and regulatory benchmarks, the company said. Closing is anticipated in the third quarter of 2026, pending customary........

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