Biogen Inc. has entered into a research collaboration with Dayra Therapeutics to discover and develop oral macrocyclic peptides targeting high-priority immunological conditions. Macrocyclic peptides are an emerging therapeutic class with the potential to deliver biologic-like efficacy and safety in an oral format, positioning them as a disruptive alternative to antibody-based treatments.

Under the collaboration, the two companies will jointly identify, validate, and optimize oral macrocyclic candidates. Biogen will be responsible for advancing selected molecules through development, manufacturing, and potential commercialization. The partnership supports Biogen’s strategy to build a differentiated immunology portfolio and expand its early-stage pipeline with a clinically validated modality.

“This collaboration adds a potential best-in-class approach to our early-stage portfolio,” said Jane Grogan, executive vice president and head of research at Biogen. “We believe Dayra’s platform could help unlock the full promise of macrocycle-based treatments.”

Rami Hannoush, Ph.D., venture partner at Versant Ventures and acting CEO of Dayra, added, “This agreement marks a key milestone as we advance next-generation oral macrocyclic peptides for validated immunology targets.”

Dayra Therapeutics will receive a $50 million upfront payment, with the potential for additional candidate acquisition payments and milestone payouts per program. Biogen will record the upfront payment as Acquired In-Process R&D in the fourth quarter of 2025, consistent with its updated 2025 financial guidance.