RayThera Acquisition, Valuation, Funding & Investors

RayThera was acquired by Biogen for $1B in June 2026.

RayThera acquisition price

$1B

Acquired by Biogen · Jun 2026

Cumulative funding RayThera raised

$110M

across 1 funding round

Key investors in RayThera

  • OrbiMed
  • Foresite Capital
  • Qiji Investment

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

United StatesSan Diego, CA

Status

Acquired

Customer focus

B2B

Revenue model

Licensing

Valuation

$1B (acquired Jun 2026)

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.

RayThera acquisition details
AcquirerDateTypePrice
16 Jun 2026Strategic M&A$1B

RayThera Funding History

RayThera has raised a total of $110M across 1 funding round.

RayThera funding rounds

RayThera funding rounds
DateStageInvestorsRaisedDeal Summary
Apr 2025Series AForesite Capital (lead); OrbiMed (lead); Qiji Investment$110MRayThera, 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

Investors in RayThera by funding rounds participated
InvestorHQRoundsRoleFirst check
Foresite CapitalUnited StatesSan Francisco, CA1LeadApr 2025

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RayThera Competitors

RayThera competitors include listed companies like Arbutus Biopharma and Kolon TissueGene, and private ones like BenevolentAI, Immunai, IntraBio and Orca Bio.

Public and private companies comparable to RayThera
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
BenevolentAIUnited KingdomLondonPrivate$10M-$1B100.0x
ImmunaiUnited StatesNew York City, NYPrivate--$1B-
IntraBioUnited StatesAustin, TXPrivate--$1B-
Orca BioUnited StatesSan Francisco, CAPrivate--$1B-
Arbutus BiopharmaUnited StatesUnited StatesPublicly listed$14M($37M)$1B6.8x
Kolon TissueGeneUnited StatesUnited StatesPublicly listed$4M($141M)$1B239.4x

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 FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Arbutus Biopharma$14M($37M)64.6x6.8x(24.6x)-
Kolon TissueGene$4M($141M)261.1x239.4x(7.0x)(57.8x)
Star Lake Bioscience$2.4B$314M0.8x0.8x6.0x7.3x
SSY Group$530M$144M2.5x-9.2x-
Helus Pharma-($153M)--(5.4x)(4.8x)
Alumis$24M($263M)22.6x47.6x(2.1x)(1.5x)
GuangYuYuan Chinese$204M$23M4.5x-40.5x-
Vetoquinol$605M$127M1.3x1.3x5.9x5.9x

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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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