RayThera Overview
About RayThera
RayThera is a biotechnology company developing small molecule therapies targeting immunology disorders by leveraging drug discovery platforms to address unmet needs in autoimmune diseases.
Founded
2023
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Licensing
Valuation
$1B (acquired Jun 2026)
Sectors
RayThera Acquisition
RayThera was acquired by Biogen for $1B on 16 June 2026.
Before the acquisition RayThera had raised $110M across 1 funding round.
Biogen entered a definitive agreement on June 17, 2026, to acquire private immunology biotech RayThera Inc. for up to $1 billion, consisting of an upfront payment to shareholders and predominantly clinical and regulatory milestone payments contingent on future achievements. The transaction is expected to close in the third quarter of 2026, subject to customary regulatory approvals. This strategic acquisition expands Biogen's footprint in immunology by adding three preclinical anti-inflammatory small molecule candidates to its pipeline, with the most advanced candidate expected to enter Phase 1 development in early Q3 2026. RayThera, a private biotechnology company focused on small molecule immunology therapies, previously raised $110 million in Series A funding in April 2025 from investors including Foresite Capital and OrbiMed Advisors. As a preclinical-stage private company, RayThera has no disclosed revenue or EBITDA figures.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 16 Jun 2026 | Strategic M&A | $1B |
RayThera Funding History
RayThera has raised a total of $110M across 1 funding round.
RayThera funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Apr 2025 | Series A | Foresite Capital (lead); OrbiMed (lead); Qiji Investment | $110M | RayThera, Inc., a San Diego-based biotechnology company founded by Qing Dong, Ph.D., and Gene Hung, M.D., focuses on discovering and developing small molecule therapies in immunology. The company, described as recently founded and stealthy, launched with a $110 million Series A financing round completed on April 4, 2025, co-led by Foresite Capital and OrbiMed Advisors, with participation from TTM Capital. This syndicate previously funded the team's prior venture, XinThera, highlighting their repeat investment in the experienced drug discovery team. Proceeds from the $110 million raise will advance RayThera's lead drug candidates through Phase 1 clinical studies. The leadership team consists of highly skilled drug hunters and executives with strong track records in biotech and pharma. Foresite Capital's Michael Rome, Ph.D., and OrbiMed's Carl Gordon, Ph.D., CFA, joined RayThera's board, praising the team's rapid progress and potential to develop first-in-class and best-in-class therapies for high unmet needs in immunology. Wilson Sonsini Goodrich & Rosati advised RayThera on the transaction. The funding positions RayThera to progress its immunology pipeline from preclinical stages into early clinical development. |
Who has invested in RayThera?
3 investors have backed RayThera across its funding rounds, including OrbiMed, Foresite Capital and Qiji Investment.
Lead investors include Foresite Capital and OrbiMed.
RayThera Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Lead | Apr 2025 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialRayThera Competitors
RayThera competitors include listed companies like Arbutus Biopharma and Kolon TissueGene, and private ones like BenevolentAI, Immunai, IntraBio and Orca Bio.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $10M | - | $1B | 100.0x | ||
| Private | - | - | $1B | - | ||
| Private | - | - | $1B | - | ||
| Private | - | - | $1B | - | ||
| Publicly listed | $14M | ($37M) | $1B | 6.8x | ||
| Publicly listed | $4M | ($141M) | $1B | 239.4x |
RayThera Public Comps
RayThera is no longer listed, but its public comps include Arbutus Biopharma, Kolon TissueGene, Star Lake Bioscience, SSY Group, Helus Pharma, Alumis, GuangYuYuan Chinese, Vetoquinol, Amphastar Pharma and Adlai Nortye.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $14M | ($37M) | 64.6x | 6.8x | (24.6x) | - | |||
| $4M | ($141M) | 261.1x | 239.4x | (7.0x) | (57.8x) | |||
| $2.4B | $314M | 0.8x | 0.8x | 6.0x | 7.3x | |||
| $530M | $144M | 2.5x | - | 9.2x | - | |||
| - | ($153M) | - | - | (5.4x) | (4.8x) | |||
| $24M | ($263M) | 22.6x | 47.6x | (2.1x) | (1.5x) | |||
| $204M | $23M | 4.5x | - | 40.5x | - | |||
| $605M | $127M | 1.3x | 1.3x | 5.9x | 5.9x | |||
This data is available for Pro users. Sign up to see all RayThera competitors and their valuation data. Start Free Trial | ||||||||
Common questions about RayThera
| When was RayThera founded? | RayThera was founded in 2023. |
| Where is RayThera headquartered? | RayThera is headquartered in San Diego, CA, United States. |
| Is RayThera publicly listed? | No, RayThera was acquired by Biogen in June 2026. |
| Who acquired RayThera? | RayThera was acquired by Biogen in June 2026. |
| How much was RayThera acquired for? | RayThera was acquired for $1B in June 2026. |
| How much funding has RayThera raised? | RayThera has raised $110M across 1 funding round. |
| What was RayThera's last funding round? | RayThera's last funding round was a $110M Series A in April 2025, led by Foresite Capital and OrbiMed. |
| Who are RayThera's investors? | RayThera's investors include Foresite Capital, Qiji Investment and OrbiMed. |
| Which companies are comparable to RayThera? | Companies comparable to RayThera include BenevolentAI, Immunai, IntraBio, Orca Bio, Arbutus Biopharma and Kolon TissueGene. |
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