Two men have serious injuries after a group of cyclists ploughed into a dead kangaroo during a morning ride in northern Victoria.

The group of nine cyclists crashed into the kangaroo on the Goulburn Valley Highway near Shepparton about 6:30am.

A ute travelling behind them then ran into one of the cyclists, trapping him for a short time.

The 46-year-old cyclist from Mooroopna was flown to The Alfred hospital in Melbourne in a serious condition.

A second man was treated in the Royal Melbourne Hospital for suspected spinal injuries.

Three other riders were taken to Goulburn Valley Health in Shepparton.

Ambulance Victoria said they were all being treated for fractures.

Shepparton businessman Jon Mathieson, who usually rides with the group, said he could not believe it when he heard what had happened.

"When something like this happens it certainly puts the jitters into your safety and your thoughts for your family and everyone else's family around you," he said.