Regeneron struck a $150 million upfront deal with Tessera Therapeutics to develop TSRA-196, a gene-writing therapy for alpha-1 antitrypsin deficiency (AATD). Tessera will lead initial first‑in‑human efforts; Regeneron will share development costs and commercial responsibilities thereafter. The pact combines Tessera’s gene‑writing platform with Regeneron’s development and commercialization scale. Separately, AstraZeneca’s rare-disease unit Alexion agreed to license NI009, a preclinical monoclonal antibody from Neurimmune targeting lambda light chain fibrils in AL amyloidosis, for up to $780 million in deal value. AstraZeneca will fund development and commercialization while Neurimmune retains early clinical oversight and tiered royalties. Both transactions underscore continuing big‑pharma investment in next‑generation genetic medicines and targeted biologics for rare diseases.