By Fineline Cube 
Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) and Tessera Therapeutics announced a global collaboration to develop and commercialize TSRA-196, Tessera’s lead investigational in vivo Gene Writing program for alpha‑1 antitrypsin deficiency (AATD).
Deal Structure & Financial Terms
| Component | Amount/Term |
|---|---|
| Upfront & Equity | USD 150 million (cash + Regeneron investment) |
| Near/Mid‑Term Milestones | Up to USD 125 million |
| Total Potential Value | USD 275 million (plus profit sharing) |
| Cost/Profit Sharing | 50/50 worldwide for TSRA-196 |
| Leadership | Tessera leads first‑in‑human trial; Regeneron leads subsequent development/commercialization |
Program Overview & Mechanism
- TSRA-196: In vivo Gene Writing therapy designed to precisely correct the genetic mutation causing AATD.
- Goal: Restore functional alpha‑1 antitrypsin (AAT) protein production via a one‑time, durable treatment.
- Regulatory Timeline: Tessera expects to file IND and multiple CTAs with the U.S. FDA by end‑2025.
Strategic Rationale & Platform Synergy
| Partner | Core Contribution |
|---|---|
| Regeneron | Industry‑leading genetics capabilities; proven track record in advancing novel genetic medicines |
| Tessera | Proprietary Gene Writing platform; non‑viral delivery technologies |
| Combined Value | Accelerates TSRA-196 from preclinical to global markets |
Market Context & Competitive Landscape
- AATD Market: ~100,000 patients in US/EU; current standard of care (protein augmentation) requires lifelong weekly infusions.
- Gene Writing Differentiation: First platform to enable precise correction of disease‑causing mutations in vivo, potentially offering a curative approach.
- Commercial Opportunity: Analysts project >US$2 billion peak sales potential for a functional cure in AATD.
Forward‑Looking Statements
This brief contains forward‑looking statements regarding TSRA-196 development, regulatory filings, and collaboration milestones. Actual results may differ due to clinical, regulatory, and competitive risks.-Fineline Info & Tech