Biogen Inc. and Dayra Therapeutics announced a research collaboration to discover and develop oral macrocyclic peptides for high‑priority immunological conditions. The partnership gives Biogen the option to acquire the candidates and includes a $50 million upfront payment to Dayra.
The upfront payment will be recorded as an Acquired In‑Process R&D expense in Biogen’s fourth‑quarter 2025 financial statements and was already reflected in the company’s updated 2025 guidance issued on October 30, 2025. The deal also provides Dayra with significant capital and a clear development path.
The collaboration fits into Biogen’s broader strategy to diversify beyond its legacy multiple sclerosis franchise. By adding an oral macrocyclic peptide modality, Biogen can expand its immunology pipeline, which already includes anti‑CD38 and anti‑amyloid therapies, and pursue new revenue streams in rare and specialized diseases.
Jane Grogan, Executive Vice President and Head of Research, said the partnership adds a “potential best‑in‑class approach” to Biogen’s early‑stage portfolio and that the company is confident in Dayra’s platform to realize the full potential of macrocycle‑based treatments. Rami Hannoush, Dayra’s acting CEO, described the agreement as an important milestone for advancing oral macrocyclic peptide development.
While the specific immunological targets remain undisclosed, the partnership signals Biogen’s commitment to innovative modalities that can deliver oral, biologic‑like efficacy and safety, potentially transforming treatment options for patients with complex immune disorders.
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