Regeneron Pharmaceuticals, a Tarrytown, New York-based bio/pharmaceutical company, and Telix Pharmaceuticals, a Melbourne, Australia-based clinical-stage bio/pharmaceutical company, have entered a collaboration to jointly develop and commercialize radiopharmaceutical therapies, in a deal worth up to $2.1 billion ($40 million upfront and $2.1 billion in milestone payments). 

The collaboration combines Telix’s radiopharmaceutical development platform, manufacturing capabilities, and supply-chain infrastructure with Regeneron’s biologics expertise, including bispecific antibody discovery. The collaboration will include multiple solid tumor targets from Regeneron’s portfolio of antibodies. The parties also plan to develop radio-diagnostics to support patient selection and treatment response assessment. 

Under the agreement, Telix will receive an upfront cash payment of $40 million from Regeneron for access to its radiopharmaceutical manufacturing platform for four initial therapeutic programs, with Regeneron having the option to expand to include four additional programs with additional upfront payments. Telix and Regeneron will share equally in the global commercialization costs and potential profits, with Telix retaining the option to co-promote certain potential products. Should Telix opt-out of the co-funding model for a particular program, it is instead eligible to receive up to $535 million in development and commercial milestones, plus low double-digit royalites on future net sales, for that program. 

Telix and Regeneron will also jointly develop diagnostic assets, with Telix leading commercialization and Regeneron receiving a set percentage of profits. 

Source: Regeneron Pharmaceuticals and Telix