Biogen and Dayra Therapeutics Announce Research Collaboration to Discover and Develop Oral Macrocyclic Peptides for a Range of Immunological Conditions

• Oral macrocyclic peptides have the potential to offer biologic-like efficacy and safety in a convenient oral format
• Collaboration further advances Biogen's immunology strategy by broadening its early-stage pipeline and incorporating an additional clinically validated modality into its expanding immunology capabilities

CAMBRIDGE, Mass. and TORONTO, Nov. 24, 2025 (GLOBE NEWSWIRE) -- Biogen Inc. (NASDAQ:BIIB) and Dayra Therapeutics today 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.

"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."

"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."

Under the terms of the agreement, Dayra Therapeutics will receive a $50 million 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.

About Biogen

Founded in 1978, Biogen is a leading biotechnology company that pioneers innovative science to deliver new medicines to transform patients' lives and to create value for shareholders and our communities. We apply deep understanding of human biology and leverage different modalities to advance first-in-class treatments or therapies that deliver superior outcomes. Our approach is to take bold risks, balanced with return on investment to deliver long-term growth.



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About Dayra Therapeutics

Dayra is pioneering the development of oral macrocyclic peptide therapeutics to treat a range of human diseases. The company combines its macrocycle discovery platform with computational design and modeling to advance novel macrocyclic peptides that selectively target disease-relevant proteins. Dayra was founded in 2024 by Versant Ventures through the firm's Frontier Discovery Engine. For additional information, please visit dayratx.com.

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This news release contains forward-looking statements, including the potential for oral macrocyclic peptides and the success of future development activities and potential commercial opportunities and the success of the collaboration between Biogen and Dayra. These forward-looking statements may be accompanied by such words as "aim," "anticipate," "assume," "believe," "contemplate," "continue," "could," "estimate," "expect," "forecast," "goal," "guidance," "hope," "intend," "may," "objective," "outlook," "plan," "possible," "potential," "predict," "project," "prospect," "should," "target," "will," "would" or the negative of these words or other words and terms of similar meaning. Drug development and commercialization involve a high degree of risk, and only a small number of research and development programs result in commercialization of a product. Results in early-stage clinical trials may not be indicative of full results or results from later stage or larger scale clinical trials and do not ensure regulatory approval. You should not place undue reliance on these statements. Given their forward-looking nature, these statements involve substantial risks and uncertainties that may be based on inaccurate assumptions and could cause actual results to differ materially from those reflected in such statements.

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