Regeneron enters radiopharma through $2.1B Telix deal

Telix Pharmaceuticals and Regeneron have entered a strategic collaboration to develop and commercialize next-generation radiopharmaceutical therapies. The agreement covers 4 initial therapeutic programs.

Regeneron will use its antibody discovery and development platforms, including VelocImmune, across multiple solid-tumor targets. Telix will contribute radiopharmaceutical development, manufacturing, and supply capabilities.

Under the agreement, Telix will receive $40M upfront for access to its radiopharmaceutical manufacturing platform for the 4 initial programs. Regeneron has the option to expand the collaboration to 4 additional programs with further upfront payments.

The companies will use a 50/50 cost and profit-sharing model for global commercialization. Telix also retains the option, on a program-by-program basis, to co-fund commercialization and profit-share or receive milestone payments and royalties instead.

If Telix does not opt into cost and profit-sharing for a program, it may receive up to $535M in development and commercial milestones for that program, plus low double-digit royalties on net sales. Across the initial 4 programs, potential milestones total up to $2.1B.

The collaboration will also include radiodiagnostic development to support patient selection and treatment-response assessment. Telix said the approach is intended to pair therapeutic development with companion precision-medicine imaging.

Regeneron’s entry into targeted radiopharmaceuticals follows increased industry interest in pairing biologics-based tumor targeting with radioisotope delivery. The companies said the initial programs will focus on solid tumors, including lung cancer.