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Biogen Inks Research Deal With Dayra to Boost Immunology Pipeline
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Key Takeaways
BIIB teams up with Dayra to discover and develop oral macrocyclic peptides for immunological targets.
The collaboration leverages Dayra's platform to identify and optimize candidates that BIIB may advance.
BIIB will pay $50M upfront and may make milestone payments as it builds its immunology pipeline.
Biogen (BIIB - Free Report) announced the signing of a research collaboration agreement with privately held Dayra Therapeutics to discover and develop oral macrocyclic peptides for priority targets in immunological conditions.
Rationale Behind the BIIB/Dayra Collaboration Deal
The Biogen/Dayra partnership is driven by the strategic potential of oral macrocyclic peptides. This emerging therapeutic approach aims to deliver biologic-like efficacy and safety in a convenient oral form. Oral administration significantly reduces treatment burden, which boosts patient adherence.
Oral macrocyclic peptides offer higher target specificity and can access protein interaction sites that remain out of reach for conventional small molecules, positioning them as a potential disruptor to established antibody-based therapies.
For Biogen, the collaboration supports its broader objective of building a differentiated immunology pipeline. By leveraging Dayra’s advanced macrocycle discovery platform, the companies plan to identify, validate, and optimize oral macrocyclic candidates against key immunological targets. Biogen will assume responsibility for advancing any resulting molecules through late-stage development, manufacturing, and potential commercialization.
So far this year, BIIB stock has gained 15.6% compared with the industry’s 16.5% growth.
Image Source: Zacks Investment Research
Per the terms of the deal, Biogen is liable to pay Dayra an upfront payment of $50 million, while retaining the option to acquire the latter’s development candidates for additional program-based payments. Biogen is also liable to make preclinical and clinical milestone payments to Dayra for each program.
Biogen will record the upfront payment made to Dayra as an Acquired In-Process R&D expense in the fourth quarter of 2025, consistent with its updated 2025 guidance issued on Oct. 30, 2025.
BIIB’s Existing Immunology Pipeline Programs
Biogen’s immunology pipeline comprises three late-stage candidates, dapirolizumab pegol, litifilimab and felzartamab, which are being developed across various indications. Dapirolizumab pegol, an anti-CD40L antibody, is currently undergoing phase III development for active systemic lupus erythematosus (SLE). Litifilimab, an anti-BDCA2, is being evaluated for two indications, SLE and cutaneous lupus erythematosus, in separate phase III studies.
The third candidate, felzartamab, an anti-CD38 antibody, is undergoing phase III evaluation for three indications – antibody-mediated rejection, immunoglobulin A nephropathy, and primary membranous nephropathy – all in separate studies. Additionally, Biogen is also evaluating felzartamab in an early-stage study for lupus nephritis.
In the past 60 days, estimates for Arcutis Biotherapeutics’ loss per share have narrowed from 44 cents to 24 cents for 2025. During the same time, earnings per share estimates for 2026 have increased from 9 cents to 41 cents. Year to date, shares of ARQT have rallied 120.8%.
Arcutis Biotherapeutics’ earnings beat estimates in each of the trailing four quarters, the average surprise being 64.80%.
In the past 60 days, estimates for Editas Medicine’s loss per share have narrowed from $2.12 to $2.04 for 2025. During the same time, loss per share estimates for 2026 have widened from $1.02 to $1.05. Year to date, shares of EDIT have rallied 96.9%.
Editas Medicine’searnings beat estimates in two of the trailing four quarters and missed the mark on the other two occasions, delivering an average negative surprise of 13.17%.
In the past 60 days, estimates for ADMA Biologics’ earnings per share have increased from 57 cents to 58 cents for 2025. During the same time, earnings per share estimates for 2026 have improved from 88 cents to 90 cents. Year to date, shares of ADMA have lost 6.8%.
ADMA Biologics’ earnings beat estimates in one of the trailing four quarters, matched once and missed the same on the remaining two occasions, with the average negative surprise being 3.01%.
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Biogen Inks Research Deal With Dayra to Boost Immunology Pipeline
Key Takeaways
Biogen (BIIB - Free Report) announced the signing of a research collaboration agreement with privately held Dayra Therapeutics to discover and develop oral macrocyclic peptides for priority targets in immunological conditions.
Rationale Behind the BIIB/Dayra Collaboration Deal
The Biogen/Dayra partnership is driven by the strategic potential of oral macrocyclic peptides. This emerging therapeutic approach aims to deliver biologic-like efficacy and safety in a convenient oral form. Oral administration significantly reduces treatment burden, which boosts patient adherence.
Oral macrocyclic peptides offer higher target specificity and can access protein interaction sites that remain out of reach for conventional small molecules, positioning them as a potential disruptor to established antibody-based therapies.
For Biogen, the collaboration supports its broader objective of building a differentiated immunology pipeline. By leveraging Dayra’s advanced macrocycle discovery platform, the companies plan to identify, validate, and optimize oral macrocyclic candidates against key immunological targets. Biogen will assume responsibility for advancing any resulting molecules through late-stage development, manufacturing, and potential commercialization.
So far this year, BIIB stock has gained 15.6% compared with the industry’s 16.5% growth.
Image Source: Zacks Investment Research
Per the terms of the deal, Biogen is liable to pay Dayra an upfront payment of $50 million, while retaining the option to acquire the latter’s development candidates for additional program-based payments. Biogen is also liable to make preclinical and clinical milestone payments to Dayra for each program.
Biogen will record the upfront payment made to Dayra as an Acquired In-Process R&D expense in the fourth quarter of 2025, consistent with its updated 2025 guidance issued on Oct. 30, 2025.
BIIB’s Existing Immunology Pipeline Programs
Biogen’s immunology pipeline comprises three late-stage candidates, dapirolizumab pegol, litifilimab and felzartamab, which are being developed across various indications. Dapirolizumab pegol, an anti-CD40L antibody, is currently undergoing phase III development for active systemic lupus erythematosus (SLE). Litifilimab, an anti-BDCA2, is being evaluated for two indications, SLE and cutaneous lupus erythematosus, in separate phase III studies.
The third candidate, felzartamab, an anti-CD38 antibody, is undergoing phase III evaluation for three indications – antibody-mediated rejection, immunoglobulin A nephropathy, and primary membranous nephropathy – all in separate studies. Additionally, Biogen is also evaluating felzartamab in an early-stage study for lupus nephritis.
Biogen Inc. Price and Consensus
Biogen Inc. price-consensus-chart | Biogen Inc. Quote
BIIB’s Zacks Rank & Stocks to Consider
Biogen currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the biotech sector include Arcutis Biotherapeutics (ARQT - Free Report) , Editas Medicine (EDIT - Free Report) and ADMA Biologics (ADMA - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the past 60 days, estimates for Arcutis Biotherapeutics’ loss per share have narrowed from 44 cents to 24 cents for 2025. During the same time, earnings per share estimates for 2026 have increased from 9 cents to 41 cents. Year to date, shares of ARQT have rallied 120.8%.
Arcutis Biotherapeutics’ earnings beat estimates in each of the trailing four quarters, the average surprise being 64.80%.
In the past 60 days, estimates for Editas Medicine’s loss per share have narrowed from $2.12 to $2.04 for 2025. During the same time, loss per share estimates for 2026 have widened from $1.02 to $1.05. Year to date, shares of EDIT have rallied 96.9%.
Editas Medicine’searnings beat estimates in two of the trailing four quarters and missed the mark on the other two occasions, delivering an average negative surprise of 13.17%.
In the past 60 days, estimates for ADMA Biologics’ earnings per share have increased from 57 cents to 58 cents for 2025. During the same time, earnings per share estimates for 2026 have improved from 88 cents to 90 cents. Year to date, shares of ADMA have lost 6.8%.
ADMA Biologics’ earnings beat estimates in one of the trailing four quarters, matched once and missed the same on the remaining two occasions, with the average negative surprise being 3.01%.