Biogen Expands Immunology Portfolio with $50M Deal, Versant Launches Macrocyclic Peptide Startup

Biogen has entered into a significant research collaboration with newly launched biotech Dayra Therapeutics, marking a strategic expansion of its immunology portfolio. The deal, announced on November 24, 2025, involves a $50 million upfront payment from Biogen and showcases the growing interest in oral macrocyclic peptides as a promising therapeutic approach.

Dayra Therapeutics: A New Player in Macrocyclic Peptides

Dayra Therapeutics, a Toronto-based biotech company, emerged from Versant Ventures' Frontier Discovery Engine with over $70 million in initial funding. The startup aims to develop oral macrocyclic peptide drugs, combining computational design and modeling to create novel therapeutics.

Rami Hannoush, Ph.D., Dayra's acting CEO and Versant venture partner, stated, "The field of macrocycles is at a new inflection point and is starting to deliver meaningful medicines." The company's leadership includes Roger Palframan, Ph.D., as chief scientific officer, bringing over 18 years of experience from UCB.

Biogen's Strategic Move into Immunology

Biogen's collaboration with Dayra represents a significant step in its ongoing efforts to diversify beyond neuroscience and expand its immunology pipeline. Jane Grogan, Ph.D., Biogen's executive vice president and research head, emphasized, "We are adding another potential best-in-class approach to our early-stage portfolio to target multiple high-value immunological conditions."

The deal structure allows Biogen to acquire development candidates for additional payments per program, with potential preclinical and clinical development milestone payments. This partnership follows Biogen's recent trend of immunology-focused investments, including the $1.15 billion acquisition of HI-Bio last year and a $70 million deal with Vanqua Bio for an experimental inflammatory disorder drug.

The Promise of Oral Macrocyclic Peptides

Macrocyclic peptides are gaining attention in the pharmaceutical industry for their target specificity, increased potency, and durability. Dayra's platform aims to overcome traditional challenges associated with macrocycles, such as pharmacokinetics, cell permeability, and oral bioavailability.

The potential of oral macrocyclic peptides extends beyond Dayra and Biogen. Earlier in 2025, argenx entered a $1.5 billion biobucks deal with Unnatural Products to develop orally available macrocyclic peptides for "undruggable" targets. Merck & Co. has also shown interest in this field, describing macrocyclic peptides as the "next wave of drug discovery."

Dayra Therapeutics believes that oral versions of these drugs could enhance specificity and access target protein binding sites that traditional small molecule drugs struggle to reach. This approach aligns with the industry's growing interest in combining the strengths of small molecule drugs and biologics to create more effective and convenient therapies.