Biogen And Dayra Therapeutics Launch Collaboration To Develop Oral Macrocyclic Peptides For Immunology; $50M Agreement Strengthens Biogen’s Immunology Pipeline

Biogen Inc., and Dayra Therapeutics have entered a research collaboration aimed at discovering and developing oral macrocyclic peptides for key immunology targets. These next-generation molecules may deliver biologically effective and safe outcomes through an oral route, offering an alternative to traditional antibody-based therapies and supporting Biogen’s strategy to expand its immunology pipeline.

“This agreement with Biogen marks an important milestone as we advance our next generation oral macrocyclic peptides against clinically validated immunological targets,” said Rami Hannoush, Ph.D., venture partner at Versant Ventures and Dayra’s acting CEO. “With Biogen’s expertise and deep commitment to developing new treatment options for immunological conditions, we look forward to working together to unlock the potential of this innovative class of medicines.”

Oral macrocyclic peptides represent a promising therapeutic class due to their ability to be taken orally while still achieving high specificity and accessing protein binding sites that small molecules struggle to target. Through this partnership, the two companies will work together on candidate discovery, validation and optimization, while Biogen will lead subsequent development, manufacturing and potential commercialization.

“With this collaboration, we are adding another potential best-in-class approach to our early-stage portfolio to target multiple high-value immunological conditions,” said Jane Grogan, Ph.D., Executive Vice President and Head of Research at Biogen. “Building on multiple technical advances in the field, we believe Dayra Therapeutics’ state-of-the-art macrocycle discovery platform could help realize the full potential of macrocycle-based treatments.”

As part of the agreement, Dayra Therapeutics will receive a $50 million upfront payment. Biogen may later choose to acquire individual development candidates for additional program-specific payments. Dayra is also eligible for further milestone payments tied to preclinical and clinical progress. Biogen will record the upfront amount as a research and development (R&D) expense in Q4 2025, consistent with its updated 2025 financial guidance.