Regeneron Pharmaceuticals Inc. has announced a global collaboration with Tessera Therapeutics to jointly develop and commercialize TSRA-196, an investigational gene editing therapy for alpha-1 antitrypsin deficiency (AATD). Under the agreement, Tessera will receive $150 million, including a cash upfront payment and equity investment from Regeneron, and is eligible for up to $125 million in additional milestone payments. The companies will share worldwide development costs and future profits equally. Tessera will lead the initial clinical trial of TSRA-196, while Regeneron will oversee subsequent global development and commercialization. TSRA-196 is designed as a one-time treatment to precisely correct the genetic mutation underlying AATD, with clinical trial applications expected to be filed by the end of the year.