Dayra's $70M Launch with Biogen Ignites Oral Macrocycle Drug Race

TORONTO & CAMBRIDGE, Mass. – November 24, 2025 – The high-stakes world of biopharmaceutical innovation saw a significant new contender emerge today as venture capital giant Versant Ventures announced the launch of Dayra Therapeutics. Armed with over $70 million in committed funding and a foundational partnership with Biogen, Dayra is poised to tackle one of drug development's most sought-after goals: creating orally available medicines with the power and precision of injectable biologics.

The launch is anchored by a substantial collaboration with Biogen that includes a $50 million upfront payment. This strategic alliance will focus on developing oral macrocyclic peptides for high-priority targets in immunology, a therapeutic area dominated by injectable antibodies. The deal not only provides Dayra with immediate, non-dilutive capital but also serves as a powerful validation of its technology platform and Versant's company-creation model before the startup has even fully left the nest.

The Promise of a 'Goldilocks' Drug Class

At the heart of Dayra's strategy is the macrocyclic peptide, a drug modality rapidly gaining traction as a potential “Goldilocks” class of therapeutics. These molecules are engineered chains of amino acids linked into a ring-like structure, giving them unique properties that bridge the gap between traditional small molecules and large protein-based biologics. Their larger size and complex shape allow them to bind to challenging disease targets, such as protein-protein interactions, that are often considered “undruggable” by small molecules. At the same time, their cyclic structure provides enhanced stability against enzymatic breakdown in the digestive system, a key hurdle that has long limited the development of oral peptide drugs.

This combination of biologic-like specificity and small-molecule-like stability opens the door to creating oral therapies for diseases that currently require injections or infusions. The potential impact on patient convenience, adherence, and quality of life is immense. The field is already showing signs of maturity, with Merck’s oral PCSK9 inhibitor, MK-0616 for high cholesterol, advancing into Phase 3 trials and demonstrating the viability of the approach for major chronic diseases.

“The field of macrocycles is at a new inflection point and is starting to deliver meaningful medicines,” said Rami Hannoush, Ph.D., a venture partner at Versant and Dayra’s acting CEO, in the official announcement. He noted that Dayra’s strong position is the result of combining insights from Versant’s discovery engine, experienced leadership, and the foundational collaboration with Biogen. Dayra’s platform leverages advanced computational design and modeling to rationally engineer macrocycles with optimized properties, aiming to systematically overcome historical challenges in oral bioavailability and cell permeability.

A Strategic Play for Biogen's Immunology Future

The $50 million upfront commitment from Biogen is more than just a vote of confidence; it’s a calculated strategic move. Long a powerhouse in neuroscience, Biogen has been vocal about its intent to rebuild and differentiate its immunology pipeline. This partnership provides the company with immediate access to a cutting-edge platform technology that could generate multiple first-in-class or best-in-class oral therapies.

By partnering with Dayra, Biogen is essentially outsourcing high-risk, high-reward early-stage discovery to a specialized, well-funded team. The deal structure is telling: Biogen gains the option to acquire successful development candidates for additional upfront and milestone payments, after which it will assume responsibility for later-stage clinical development, manufacturing, and commercialization. This allows Biogen to infuse its pipeline with innovation while mitigating the costs and risks associated with building such a specialized discovery platform from scratch. It's a clear signal that the pharmaceutical giant sees oral macrocycles as a critical next-generation modality for tackling complex immunological diseases, potentially disrupting a market worth billions.

For Biogen, the allure is the potential to transform the treatment paradigm in immunology. An effective oral therapy could offer a significant competitive advantage over the current standard of care, which often involves self-injection or clinical infusions. This aligns perfectly with a broader industry trend toward developing more patient-centric medicines.

Versant's Engine Validated

Dayra’s launch is also a testament to the success of Versant Ventures' unique company-building strategy. Dayra was born from the firm’s Frontier Discovery Engine, a network of state-of-the-art laboratories in Canada where Versant’s own team of multi-disciplinary scientists work to incubate ideas and build companies from the ground up. This hands-on approach goes far beyond traditional venture funding, providing the scientific infrastructure, operational support, and strategic guidance necessary to turn nascent science into a viable enterprise.

During its seed stage within the Frontier engine, Dayra made what the firm calls “significant progress” on molecules against several high-value immunology targets. This early-stage validation was crucial in attracting a partner of Biogen's caliber. The ability to secure a major pharma partnership at the moment of launch underscores the power of this incubation model to de-risk and accelerate biotech innovation. It proves that by investing heavily in the foundational science and team-building, venture firms can create companies that are not just fundable, but immediately valuable to strategic partners.

Navigating a Competitive but Promising Landscape

Dayra enters a field that is becoming increasingly competitive, a sure sign of its perceived potential. Other players are also attracting significant attention. California-based Unnatural Products recently signed a deal with Argenx potentially worth $1.5 billion and has a separate pact with Merck. Japan’s PeptiDream is a well-established leader with its own proprietary discovery platform. However, the space is far from saturated, and the number of potential high-value targets is vast.

Dayra’s unique positioning comes from the powerful trifecta of its advanced computational platform, the robust backing and incubation model of Versant, and its immediate, deep-pocketed partnership with Biogen focused on a specific, high-value therapeutic area. This allows the startup to operate with the agility of a small biotech while leveraging the resources and strategic direction of a major pharmaceutical player.

“Our talented research team is looking forward to working in close collaboration to deploy our novel approaches to discover and deliver oral macrocycle therapies for immunology,” stated Roger Palframan, Ph.D., Dayra’s Chief Scientific Officer. This tight collaboration between Dayra's discovery prowess and Biogen's deep immunology and development expertise is designed to expedite the journey from computational design to clinical reality, a journey that could ultimately redefine treatment for millions of patients with immune-mediated diseases.