CAMBRIDGE, Mass. and SAN DIEGO, June 17, 2026, Biogen Inc. (Nasdaq: BIIB) announced a definitive agreement to acquire RayThera Inc., a San Diego-based biotechnology company focused on discovering and developing small-molecule therapies in immunology, for up to $1 billion, consisting of an upfront payment and, predominantly, payments contingent on the achievement of future clinical and regulatory milestones.

This Biogen-RayThera transaction is TTM Capital’s second successful M&A realization with RayThera’s Chairman and CEO Dr. Qing Dong and its consistent investor syndicate, building on the prior exit from XinThera’s acquisition by Gilead Sciences.

The transaction is expected to close in the third quarter of 2026, subject to customary closing conditions and required regulatory approvals; upon closing, Biogen will assume responsibility for the clinical development, manufacturing and global commercialization of RayThera's portfolio, including a lead candidate expected to enter Phase 1 development in early Q3 2026.

As early stage shareholder of RayThera, TTM Capital participated in RayThera’s initial financing round alongside co-investors Orbimed Advisors and Foresite Capital, reuniting the same investor syndicate that previously backed XinThera and now delivering a second successful collaboration with Dr. Qing Dong’s team.

Priya Singhal, M.D., M.P.H., Executive Vice President and Head of Development at Biogen, said:

“With this acquisition, we are further deepening our pipeline in immunology by adding a suite of assets that can allow us to expand into new disease areas. We believe these assets can meaningfully contribute to our long-term pipeline potential and we’re excited about the opportunity to rapidly advance the first candidate into the clinic.” (¹)

Qing Dong, Ph.D., Co-Founder, Chairman and Chief Executive Officer of RayThera, said:

“With its strong global development capabilities in immunology, we believe that Biogen is the natural fit to move these assets forward into Phase 1 development and beyond. I am proud of our team at RayThera for the innovative pipeline we have built together and the rapid advancement of these molecules.” (²)

Lily Zhang, Founder & CEO, TTM Capital, said:

“We sincerely congratulate RayThera on this landmark transaction. The rapid and steady progress of its pipeline has won recognition from global biopharma leader Biogen, which is exactly the outcome we strive for when supporting early-stage innovative drug companies. This milestone reaffirms our commitment to long-term partnership with top-noche scientists, demonstrated by our continuous support and long-term partnership to Dr.Qing Dong and his team from XinThera to RayThera where both ventures achieved acquisitions by multinational pharmaceutical firms.”

TTM Capital adheres to its investment strategy of partnering with world-class scientists with proven serial entrepreneurship and translating frontier science into globally competitive companies. Through long-term empowerment and dedicated partnership, we have built deep and trusting relationships with the founding team, providing early commitment to their technical direction and R&D potential. Grounded in such trust, we’ve practiced disciplined long-term value investing and worked alongside the pioneering founders to bring their innovation pipelines to the global market.

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.

About RayThera, Inc.

RayThera, Inc. is a small molecule drug discovery company focused on building an immunology pipeline. Based in San Diego, CA, and co-founded by Qing Dong, Ph.D., and Gene Hung, M.D., the company is led by a team of accomplished drug discovery leaders and executives with a proven track record across the biotech and pharma industries. RayThera recently completed its Series A financing co-led by Foresite Capital and OrbiMed Advisors, with participation from TTM Capital.

About TTM Capital

TTM Capital is a leading healthcare VC specializing in global medical innovation with decades of industry and investment expertise. We invest across frontier technology, innovative medical devices and in vitro diagnostics, with a particular focus on venture building and early-stage investment. We are dedicated to identifying world-class scientists, proven entrepreneurs, cutting-edge technology in therapeutic areas with unmet medical needs in global healthcare markets. Through long-term, committed partnership, we empower our portfolio companies to unlock value, translate breakthrough science, and deliver medical innovation that creates lasting impact for patients and society.

(¹) (²)https://investors.biogen.com/news-releases/news-release-details/biogen-expands-immunology-pipeline-agreement-acquire-raythera

Who we are

TTM Capital is a professional investment institution focused on early-stage investments in the healthcare sector. The founding and managing team been involved in the medical and biotechnology fields for many years, with a background in medical investments from top domestic funds to full industry chain experience from globally leading multinational pharmaceutical companies.
TTM Capital mainly focuses on high-quality investment opportunities in the fields of biopharmaceuticals, medical devices and in vitro diagnostics driven by cutting-edge technology, focusing on segmented tracks with significant advantages, focusing on the global medical market and the "unmet needs" of patients. Persist in empowering and creating synergistic value for invested companies, jointly promote medical innovation, and create value for society.