Regeneron and Parabilis Medicines launched a multi-target collaboration to create antibody–Helicon conjugates aimed at intracellular “undruggable” proteins. The partnership pairs Regeneron’s VelocImmune-derived antibodies with Parabilis’ stabilized helicon peptides designed to engage flat or poorly accessible intracellular surfaces. Under the deal, Regeneron committed $50 million upfront, with a $75 million equity investment tied to the next Parabilis financing round, plus development, regulatory, and commercial milestones that could total up to roughly $2.2 billion across five initial targets. Tiered royalties would apply to any approved medicines produced from the programs. Parabilis’ Helicon platform positioning is also reinforced by its immediate capital strategy: the company plans an IPO to fund progression of its lead Wnt/β-catenin inhibitor zolucatetide into Phase 3, following a fast-track designation from the FDA. The combination of external and internal financing increases the near-term runway for both platform expansion and clinical advancement. For Parabilis, the Genmab-style bet is clear: couple a new conjugate modality with a clinical pipeline anchored in a validated intracellular pathway—then scale both through milestone economics.