Pharma BD Deal Intelligence
Regeneron Pharmaceuticals, Inc. / Tessera Therapeutics, Inc.
2025 · Co-Development · $275M · Complete
Regeneron and Tessera Therapeutics entered a global collaboration to jointly develop and commercialize TSRA-196, Tessera's lead investigational in vivo Gene Writing program for alpha-1 antitrypsin deficiency (AATD). Regeneron committed a $150 million investment and Tessera is eligible for up to $125 million in milestone payments. Tessera leads initial clinical trials; Regeneron leads global development and commercialization.
This deal is too recent to grade. Critic Score and Outcome Score are assigned after the announcement-week coverage settles and, for Outcome, after the 5-year post-close assessment window opens — expected 2030 at the earliest for this deal, once/if it closes.
Key facts
- Announced Dec 01, 2025
- Deal value $275M
- Deal type Co-Development
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