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Biogen to Acquire RayThera for Up to $1 B, Shares Slip.

6/18/2026

Summary

Biogen Acquires RayThera

Biogen Inc. agreed to acquire RayThera Inc. for up to $1 billion.
The deal provides an upfront payment to RayThera shareholders, with most of the $1 billion contingent on future clinical and regulatory milestones.
Closing is expected in the third quarter of 2026, subject to customary regulatory approvals.
Biogen will oversee development, manufacturing and global commercialization of RayThera’s anti-inflammatory small-molecule programs.
Biogen shares fell 2.38% to $193.93 after the announcement.

Summary

RayThera Raises

RayThera closed a $110 million Series A financing in 2025, led by Foresite Capital and OrbiMed Advisors.
Michael Rome praised the company’s rapid progress after the funding.
RayThera has filed patents targeting TNF modulators, CCR4 inhibitors, STAT6 modulators and JAK2 V617F inhibitors.
The firm lists three pipeline candidates only as “anti-inflammatory” without public details on the molecules.

Summary

Biogen Acquires Apellis

The first quarter of 2026 saw 16 biopharma acquisitions of $1 billion or more, marking a sharp surge in large-pharma deals.
PwC reported that Q1 2026 biopharma M&A totalled over $65 billion, the strongest quarterly figure since 2020.
An estimated $300 billion loss of exclusivity for branded drugs this decade is driving companies toward mega-acquisitions.
Biogen’s recent $5.6 billion purchase of Apellis exemplifies the trend of using big deals to offset anticipated revenue gaps.

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Biogen Acquires RayThera

Biogen Inc. agreed to acquire RayThera Inc. for up to $1 billion.
The deal provides an upfront payment to RayThera shareholders, with most of the $1 billion contingent on future clinical and regulatory milestones.
Closing is expected in the third quarter of 2026, subject to customary regulatory approvals.
Biogen will oversee development, manufacturing and global commercialization of RayThera’s anti-inflammatory small-molecule programs.
Biogen shares fell 2.38% to $193.93 after the announcement.

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