Biogen, Dayra Therapeutics enter research collaboration

Biogen (BIIB) and Dayra Therapeutics announced a research collaboration to discover and develop oral macrocyclic peptides for priority targets in immunological conditions. Macrocyclic peptides have a unique profile with the potential to offer biologic-like efficacy and safety in an oral format, potentially disrupting established antibody-based treatments. The collaboration enhances Biogen’s strategy to build a differentiated immunology portfolio. Oral macrocyclic peptides are a promising class of medicines that can be orally administered but also have the potential for higher specificity and can target protein binding sites that are currently challenging for traditional small molecule drugs. Biogen and Dayra will collaborate to identify, validate and optimize oral macrocycle candidates for high-priority immunological targets, and Biogen will advance the molecules through further development and potential commercialization, including manufacturing. Under the terms of the agreement, Dayra Therapeutics will receive a $50M upfront payment, and Biogen has the option to acquire the development candidates from Dayra Therapeutics for a potential additional payment per program. Dayra Therapeutics will also be eligible to receive preclinical and clinical development milestone payments per program. The upfront payment will be recorded by Biogen as an Acquired In-Process Research and Development expense in the fourth quarter of 2025 and was included in Biogen’s updated guidance for 2025 provided on October 30, 2025.