08:29 AM EST, 11/24/2025 (MT Newswires) -- Biogen (BIIB) and Dayra Therapeutics said Monday they have entered a collaboration to research and develop oral macrocyclic peptides for priority targets in immunological conditions.

The companies said the macrocyclic peptides have potential to deliver biologic-like efficacy and safety in an oral format and target protein binding sites that are challenging for small molecule drugs.

Under the agreement, Dayra Therapeutics will receive a $50 million upfront payment and is eligible for preclinical and clinical development milestone payments per program, while Biogen has the option to acquire development candidates, the companies said.

Shares of Biogen were up 5% in recent Monday premarket activity.